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Hana and Boram Banks will Open Merged Bank on Jan. 4, 1999

Sept 09,1998
Hana and Boram Banks formally announced their merger on September 8 and will begin operations as a merged bank from January 4, 1999. Sources from the two banks said that the total assets of the newly born bank reach 41.12 trillion won, seventh among Korean banks. For the merger, the two banks will hold shareholders' general meetings separately by December 7.
Both banks also announced that they will try to introduce 300~500 million dollars in foreign capital investment after the merger. Sources in the banking industry forecast that the merged bank will attempt to merge with another bank, for example the Korea Long Term Credit Bank.
Executives close to the matter predicted that both banks would be scheduled to decide the merger ratio according to net asset value per share and the ratio would be within 1 (Hana) to 0.25~0.5 (Boram). Both banks plans to ask the government to invest 400 billion won in public money so to raise the merged bank's BIS capital adequacy ratio up to Hana Bank's current level (10.47%).



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