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Hana Financial seeking to buy Korean American bank in U.S.
By Korea HeraldPublished : Feb. 5, 2012 - 21:55
Los Angeles (Yonhap News) ― Hana Financial Group Inc., Korea’s No. 4 banking group, said that it is pushing to acquire a Korean American commercial bank in the United States as part of its bid to accelerate expansion abroad.
The move comes as Hana Financial Group seeks to boost overseas revenue by taking over the Korea Exchange Bank, Korea’s No. 5 lender, in one of the biggest banking deals in South Korean history.
“We are eying (targets) on the East and West coasts where a large number of overseas Koreans reside,” Yun Yong-ro, vice chairman who oversees Hana’s businesses, told reporters during his visit to the U.S. city.
“We are ready to start talks with any banks,” Yun added, declining to give further details.
During Yun’s visit to Los Angeles, Hana Financial signed a sponsorship deal with top LPGA player Cristie Kerr in a rare alliance between a South Korean company and a U.S. golfer.
Hana Financial hopes that the world’s fourth-ranked player will help boost the South Korean banking group’s image in global markets.
Hana Financial, which has South Korea’s No. 4 lender Hana Bank under its wing, is awaiting regulatory approval from the U.S. and Hong Kong to finalize the pending purchase of KEB.
Last month, Hana secured approval from the Korean regulator to buy a major stake in KEB from Lone Star Funds in a deal worth 3.9 trillion won ($3.5 billion). (Yonhap News)
The move comes as Hana Financial Group seeks to boost overseas revenue by taking over the Korea Exchange Bank, Korea’s No. 5 lender, in one of the biggest banking deals in South Korean history.
“We are eying (targets) on the East and West coasts where a large number of overseas Koreans reside,” Yun Yong-ro, vice chairman who oversees Hana’s businesses, told reporters during his visit to the U.S. city.
“We are ready to start talks with any banks,” Yun added, declining to give further details.
During Yun’s visit to Los Angeles, Hana Financial signed a sponsorship deal with top LPGA player Cristie Kerr in a rare alliance between a South Korean company and a U.S. golfer.
Hana Financial hopes that the world’s fourth-ranked player will help boost the South Korean banking group’s image in global markets.
Hana Financial, which has South Korea’s No. 4 lender Hana Bank under its wing, is awaiting regulatory approval from the U.S. and Hong Kong to finalize the pending purchase of KEB.
Last month, Hana secured approval from the Korean regulator to buy a major stake in KEB from Lone Star Funds in a deal worth 3.9 trillion won ($3.5 billion). (Yonhap News)
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Articles by Korea Herald
