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South Korea's corporate watchdog on Wednesday concluded there were no breaches of antitrust regulations in a takeover bid for Korea Exchange Bank by HSBC Holdings.
The decision, however, is just one of many hurdles the London-based bank must overcome to take over Korea's fifth-largest bank. The final decision will be made by another government agency, the Financial Services Commission, based on bank and financial related laws.
¡°The Fair Trade Commission's conclusion is not related to the Financial Supervisory Service's final approval for the takeover,¡± the antitrust watchdog said in a statement.
The Financial Services Commission, formerly known as the Financial Supervisory Commission, however, has said it would withhold any approval until all criminal cases against Lone Star here are resolved.
¡°The financial regulator will not approve the sale of KEB shares until all legal issues are settled," said Lee Hae-sun, a director at the FSC.
(englishnews@chosun.com )
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