ANZ considering Asia expansion

Australia and New Zealand Banking Group is considering making a bid for Dallas-based Lone Star’s controlling stake in Korea Exchange Bank (KEB). Valued at $4bn (£2.6bn), this would expand Australia’s fourth largest bank’s influence in Asia considerably. KEB, South Korea’s sixth largest lender, was purchased by US private equity fund Lone Star in 2003. ANZ has been seeking a transformational deal to catapult the bank into the Asia big league alongside HSBC and Standard Chartered.