Lone Star Funds announces termination of Agreement to sell controlling stake in Korea Exchange Bank to Kookmin Bank
(For immediate release)
John Grayken, Chairman of Lone Star Funds, stated, “We have concluded that we cannot move forward with the sale of KEB to Kookmin Bank due to the continuing investigations surrounding Lone Star’s investment in KEB and KEB’s subsequent rescue of its credit card subsidiary, which have been extended several times and now have no firm completion date.
With respect to Kookmin Bank, Mr. Grayken added, “We appreciate Kookmin Bank’s hard work on this transaction and regret that it could not be consummated.”