KEB closes Hana block sale at the second attempt

After Wednesday’s attempt at a block sale failed, Korea Exchange Bank managed to offload 4.35 million shares in Hana Financial Group, raising $167 million.

Korea Exchange Bank sold 4.35 million shares in Hana Financial Group at the second attempt on Friday, raising more than $160 million in the process after a first effort was botched on Wednesday.

FinanceAsia understands that shares were initially offered at between 40,937 won and 41,350 won $38.23 and $38.62 when the books opened Wednesday. A 2% discount would have drawn sufficient demand, bankers said, but KEB insisted on a discount cap of 1%.

“We launched the day before, and the price was a big leap of faith, and we knew it,” a banker close to the deal told FinanceAsia on...

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