Hana purchase

Hana gets green light to buy KEB stake

Korea’s financial regulator decided on Friday that Hana Financial Group can proceed with its $3.48 billion purchase of Lone Star’s 51% stake in Korea Exchange Bank.

Korea’s most bitterly fought private-equity exit may finally be imminent. As always, such a claim could turn out to be premature, but after several years of legal battles, regulatory indecision and failed attempts to sell its majority holding in Korea Exchange Bank KEB, Texas-based Lone Star looks set to move ahead with a deal originally agreed with Hana Financial Group in November 2010.

It would mark the end of a saga that for many Koreans was the most egregious instance of a foreign, predatory acquisition in the wake of the country’s financial crisis in the late 1990s and that for some overseas investors had come to represent Korea’s antipathy...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222