South Korea’s Hana Financial set to buy KEB in US$4.1 billion deal


AFP

SEOUL–South Korea’s Hana Financial Group said Wednesday it would take over industry peer Korea Exchange Bank (KEB) in a deal worth more than US$4 billion. Hana, the country’s fourth largest banking group, will pay Lone Star Funds of the United States around 4.7 trillion won (US$4.1 billion) for a 51 percent stake in KEB, it said in a regulatory filing. The announcement finally brings the curtain down on Lone Star’s troubled attempts to sell the stake it bought for US$1.3 billion seven years ago.

Following the Hana board’s approval Wednesday, group chairman Kim Seung-Yu will officially sign the deal with Lone Star Funds Chairman John Grayken in London Thursday, the group’s spokesman told AFP.