Hana Bank: equity sale will not hinder search for strategic investor

KDIC forges ahead with institutional equity offering as Hana continues to search for strategic partner to shore up management control.

The future ownership structure of Hana Bank became clearer on Friday after the government-owned Korea Deposit Insurance Corporation KDIC divested its entire 22.23% stake in the bank through an institutional bookbuilt deal led by UBS. The 42.756 million share deal raised $930.2 million and removed a major overhang from Hana, which has the most fragmented shareholding structure of the entire Korean banking sector.

As a result of the deal, Hana now has a freefloat of about 65%. However, about 25% of the remaining share capital is still potentially available for sale. Hana management are sitting on a block of just over 10% in Treasury shares and are said to remain in negotiations...

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