Sale Talks Focus on Card Firm
Korea Exchange Bank said Thursday that negotiations with Citibank to buy the Korea Exchange Bank Credit Service Co. has made rapid progress and the completion of negotiations are expected by the middle of August.Korea Exchange Bank will sell its 51-percent stake, or 18 million shares, in the credit card services subsidiary to Citibank for 31,000 to 35,000 won ($24 to 27) per share. Korea Exchange Bank will be paid more than 600 billion won for the stake and the premium for the management rights. Both sides plan to begin due diligence into the service if they reach a final agreement and if Citibank will settle the payment by October.
with the Korea JoongAng Daily
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