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Shinhan predicted to be LG Card buyer

According to a local newspaper report, the Shinhan Financial Group is poised to capture LG Card for a price of a least $7.2 billion.

Referring to South Korean newspaper The Chosun Ilbo as its source, Reuters has reported that Shinhan Financial Group will be the likely winning bidder for a controlling share of LG Card, Korea’s second largest credit card issuer.

Reports at the end of last week suggested that creditors of the once deeply troubled payment card issuer were prepared to name a preferred bidder out of the three local competing candidates by as early as this week.

Now according to unnamed financial industry and government sources, Shinhan Financial Group has been selected as the preferred bidder.

The newspaper said Shinhan was believed to have bid for 85% of LG Card’s total outstanding shares at a price above KRW65,000 per share, valuing the total deal at around $7.2 billion.

An official announcement of the final buyer is expected on August 16.