KEB set to marry Hana, ditching ANZ at the altar

Hana's $4.1 billion offer for Lone Star's 51% stake in Korea Exchange Bank could end seven years of controversy.

The saga that has run for the past decade in Korea’s banking sector seems, finally, to be reaching its climax. Yesterday, Hana Bank, the country’s fourth biggest lender, said that it will pay up to W4.75 trillion $4.1 billion for US private equity firm Lone Star’s 51% stake in Korea Exchange Bank KEB. If successful, this will be Korea’s biggest ever bank acquisition.

Lone Star’s purchase of a stake in KEB in 2003 for $1.2 billion and its repeated failed attempts to sell it -- for instance to Kookmin Bank in 2006 and HSBC in 2008 -- has been a touchstone in several ways.

For international investors, it has aroused suspicions that...

¬ 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 (2-10 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 (2-10 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