PRIVATE EQUITY | Tony Chua, Korea

Lone Star urges foreign investors to acquire KEB

US fund sent letters to investors in an effort to resume lender’s delayed sale.

U.S. buyout fund Lone Star Funds has asked South Korean and overseas investors whether they are interested in buying a major stake in Korea Exchange Bank, kicking off initial steps to resume its stalled sale, financial authorities said Monday.

According to the authorities and industry sources, Lone Star Funds sent letters to around 50 domestic and foreign investors last week to notify them of the sale and tap interest in the deal.

The U.S. fund selected Credit Suisse on March 11 as lead manager for the sale of the 51.02 percent stake in South Korea's fifth-largest lender.

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