MBK’s Lotte Card sale gains momentum amid Homeplus fallout

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MBK’s Lotte Card sale gains momentum amid Homeplus fallout - Korea Economic Daily

Quick Summary:

IB industry observers also anticipate a higher chance for approval from the country’s financial authorities for a local financial holding firm’s acquisition of Lotte Card as concerns over private equity firms’ management of their portfolio companies are high, in particular in the financial sector.

Owning Lotte Card would also allow KB Financial Group Inc.to significantly widen its gap with Shinhan Financial Group Co.to become Korea’s unrivaled No.1 financial holding firm.

According to sources in the investment banking industry on Friday, MBK sent out teaser letters in early May to Korean financial holding firms and some overseas potential buyers to tap their interest in Lotte Card.