South Korean bank sold in historic deal
Monday, Feb. 23, 2004 | 9:15 a.m.
SEOUL, South Korea -- U.S. financial services giant Citigroup has agreed to buy KorAm Bank, South Korea's sixth largest lender, for up to $2.73 billion in what would be the first such takeover here by a foreign banking company.
The deal announced today also marks the largest foreign investment in South Korea's fragile financial sector. It still must gain regulatory approval.
Analysts said the deal would enable Citigroup to expand its consumer banking business in South Korea. It could also boost KorAm's image as Citigroup has a good reputation in South Korea with a local branch posting strong returns in the past several years.
archive
- Most Read
- Discussed
- Most E-mailed
- Trainers scuffle at Manny Pacquiao, Miguel Cotto weigh-in
- Live Blog: Pacquiao wins by TKO in round twelve
- Clubs want to be ‘good citizen,’ so stripper-mobile ends its run
- Police seek man who stole $2,000 worth of clothing
- Las Vegas club agrees to halt promotion featuring live dancers on truck
- Nuclear plant in Ely could complicate radioactive waste, water issues
- Now we can all see Islamic extremism for what it truly is
- Las Vegas Hilton reports wider loss in quarter
- Manny Pacquiao says he feels stronger than ever
- Floyd Mayweather Jr. and Manny Pacquiao: The only fight fans want to see
Blogs
The Kats Report
New face of Monte Carlo includes all the faces of Caliendo
The Greene Room
Predicting this weekend's Mountain West football slate (1 Comment)
Top Chef: Las Vegas
Top Chef Episode 11: Child's play
Miech Again
UNLV prez Smatresk is ready for some basketball (10 Comments)
Politics: The Early Line
Harry Reid's fourth TV ad begins running today
The Greene Room
Chad Ochocinco vs. Anderson Silva? That would be a sight ... (5 Comments)
Top Chef: Las Vegas
The Jet Stream: The three stages of chefdom
Calendar »
- 15 Sun
- 16 Mon
- 17 Tue
- 18 Wed
- 19 Thu
-
Actor's Expo at Rave Motion Pictures
Rave Motion Pictures Town Square 18 | 3 p.m. to 5 p.m.
-
Lily Tomlin at the Hollywood Theatre
Hollywood Theatre at MGM Grand
-
Neil Sedaka at the Orleans
Orleans Hotel-Casino
-
Supernatural Santana – A Trip Through the Hits at The Joint
The Joint
The Sun
Locally owned and independent for more than 50 years.
Technorati





