SK Telecom invests in Hana credit card subsidiary

SK Telecom will buy 49% of Hana Financial Group's credit card subsidiary, Hana Card, for $343 million.

SK Telecom, Korea's largest mobile-phone company, will buy 49% of Hana Financial Group's credit card unit for W400 billion $343 million.

Hana Card Company will issue 57.6 million new shares to SK Telecom to make up the 49% stake. Hana Financial Group, Korea's fourth-biggest financial services firm, will continue to own the remaining 51%. Hana Card was first established as the credit card arm of Hana Bank in 1992 and was spun off in November this year.

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