Hana Financial entitled to acquire KEB

By Kim Yon-se

Published : Jan. 27, 2012 - 15:39

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Financial regulators endorsed the deal between Hana Financial Group and Lone Star Funds to trade shares of Korea Exchange Bank.

Hana Financial has been allowed to take over KEB, which has been owned by the U.S.-based fund since 2003, the Financial Services Commission said Friday.

(Yonhap News)

The FSC ultimately did not accept the opinion among a group of lawmakers and the KEB union that Lone Star was ineligible to own the bank and the merger deal is invalid.

There have been continuous speculations that Lone Star has been a non-financial investor, which is barred from controlling a Korean bank under local laws.

Despite the allegations, the buyout fund has been entitled to rake in huge management premiums via the coming sale of its dominant stake in KEB.
The fund also has been convicted of manipulating the stocks of KEB’s credit card affiliate.

Market observers in the financial sector predicted a series of lawsuits and backlash from the political sector and civic groups.

By Kim Yon-se
( kys@heraldcorp.com )

[속보]

금융위, 하나-외환 합병 승인

금융위원회는 27일 하나금융지주의 외환은행 자회사 편입 신청안을 승인했다고 밝혔다.

외환은행 대주주인 론스타 펀드가 국내은행을 소유할 자격이 없는 산업자본(비금융주력자)이었고, 따라서 하나금융이 론스타와 맺은 계약 또한 무효라는 논란에 금융당국이 일단 종지부를 찍은 셈이다.

금융권 관계자들은 향후 정치권 및 시민단체의 거센 반발과 함께 가처분신청을 포함한 줄 소송이 잇따를 것으로 내다보고 있다.

(코리아헤럴드)

Hana Financial entitled to acquire KEB

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