Australian and New Zealand Bank (ANZ) will soon have its foray into the Asian market if things go well for them.

Mike Smith, chief executive of ANZ, told international news media that the bank wants to penetrate into the Asian market for a longer period so it can surpass the ranks of successful pan-Asian banks such as HSBC and Standard Chartered.

''To be like HSBC or a Standard Chartered in the region would be exactly right,'' Smith said.

Smith advised its investors to look out for South Korea as it is one of the "next wave" markets and will seek for a long-term transformational deal in the next five to ten years.

Smith is optimistic that the bank's move for an expansion in Asia is a smart idea since the Australian Competition and Consumer Commission recently blocked the National Australia Bank on its acquisition of AXA Asia Pacific.

Media reports in South Korea have stated that the bank seeks to acquire a controlling stake in Seoul-based Korea Exchange Bank for $US4 billion or $A4.3 billion to open its doors to an Asian expansion.

ANZ will be battling with a 51 per cent stake in KEB that US private body fund Lone Star wants to sell.

A statement from the Korean Exchange Bank said that ANZ is the only bidder who has approached the deal since Lone Star sent out a series of teaser letters to several potential bidders.

Ranked as the fourth largest lender in Australia, ANZ may become the biggest strong bidder for KEB with its strong track record in foreign exchange and corporate lending. If successful, foreign buyers will gain entry to Asia's fourth largest economy.

Analysts remarked that local banking groups in Korea may be threatened if foreign entities such as ANZ emerge as one of the strong competitors. KB Financial Group and Hana are expected to join the bidding race for KEB.

HSBC is speculated as another potential bidder, after it failed its acquisition with KEB earlier.

ANZ offers banking services for personal, commercial and rural customers in Australia, New Zealand, and the Aisa Pacific regions.