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| Seoul: new push to become regional financial centre |
A little over a month after the Capital Markets Integration Act passed through Korea’s National Assembly and created what policymakers are calling a Big Bang for Seoul, HSBC agreed on September 3 to pay $6.3 billion to US private equity firm Lone Star for a 51% stake in Korea Exchange Bank (KEB), the country’s most contentious financial asset. The new legislation is the key enabling piece of a broader push for Seoul to become a financial hub for the region.
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