HSBC declines comment on Seoulbank takeover report

HONG KONG (AFX-ASIA) - HSBC Holdings PLC declined to comment on a Seoul news report saying that the bank is emerging as the strongest candidate to buy Seoulbank.

"We will not comment on market rumours," spokesman Gareth Hewett said.

He also declined to comment on whether the bank is looking for any acquisition targets in the Asian Pacific region.

The Maeil Business daily, citing industry sources, reported that HSBC is expected to be given exclusive rights to negotiate with the Seoul government on the terms of a takeover of Seoulbank. 

The report also said HSBC is expected to start a due diligence study on the bank in early June and sign a contract to buy Seoulbank at the end of the month.

At 2:58 pm, HSBC was up 0.50 hkd at 100.50 on 4.88 mln shares.

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