SEOUL, South Korea, Oct.

SEOUL, South Korea, Aug. 27 /PRNewswire-FirstCall/ -- IBM (NYSE: IBM) today announced that it has signed a five-year strategic procurement outsourcing agreement with Korea Exchange Bank (KEB), the country's largest foreign exchange bank.

A Korean district court ruled Monday the sale of 51 percent of the Korean Exchange Bank to a U.S. equity firm was handled legally. Lone Star Funds purchased controlling interest in the bank in 2003, at less than market value, when the bank was struggling, Yonhap News Service reported.

AirPlus International, a leading global provider of business travel payment solutions, has entered into a strategic partnership with Korea Exchange Bank (KEB).

By Ben Livesey and William Sim HSBC Holdings, the biggest European bank by assets, agreed Monday to pay about $6.3 billion for control of Korea Exchange Bank, the company's largest acquisition in Asia.