south-koreas-hana-looks-to-china-for-growth

South Korea's Hana looks to China for growth

The commercial banking group says it will invest $259 million in a new China subsidiary.
Hana Financial Group of South Korea will set up a 100% subsidiary in China with an initial capitalisation of $259 million.

Hana will base the new unit in Beijing. It will be submitting applications to ChinaÆs regulators later this month and, subject to receiving approvals, intends to start operating in China in 2008 and is targeting a network of 12 branches across the country by 2014. Hana will continue with plans underway to try to buy provincial banks in China.

Hana Financial Group is the third largest commercial banking group in South Korea. In 2004, it acquired Korea First BankÆs 50% stake in Qingdao International Bank, a joint venture between ICBC and Korea First Bank....
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