After issuing ultimatums and deadlines to Korean authorities, and forgetting to submit a new application, HSBC finally gave up on Korean Exchange Bank (KEB). Lonestar was involved, the courts were involved, and eventually somebody from Lonestar, Paul Yoo, was found guilty. Here is how you clean up all of this mess when you change your mind: “In the light of developments around the world, not least changes in asset values in world markets, we do not believe that it would be in the best interests of shareholders to continue to pursue this acquisition on the terms negotiated last year,” HSBC Asia Chief Executive Officer Sandy Flockhart, who is also HSBC Executive Director, said.”
Some analysts believe HSBC is now focused on acquisitions in the United States should the right opportunity present itself.
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