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The labor union of Korea Exchange Bank on Tuesday gave the nod to the buyout of the bank by British giant HSBC. The KEB labor union and HSBC Holdings on Tuesday announced an agreement which would guarantee that KEB retains its name, listing and international branches, and the jobs of all current employees. The two sides also agreed to reopen six branches in North America closed down by private equity fund Lone Star when it took over the bank to avoid supervision by U.S. financial authorities. The bank¡¯s IT Center would be in Korea, and Korean would be used for daily business.
The move aims to pressure the government to approve HSBC¡¯s purchase of KEB from Lone Star since an extended contract for the purchase expires July 31. If approval is not forthcoming by then, KEB is highly likely to be merged into a domestic bank. Some 680 executives and heads of branches of KEB issued a statement on July 8 urging the government to approve HSBC¡¯s acquisition of KEB ¡°according to legal procedure and global standards.¡±
(englishnews@chosun.com )
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