Hana Seeks New Foreign Partner

Hana Bank plans to sell 20 to 25 percent of its stake to an overseas commercial bank.

The bank's president and chief executive officer, Kim Seung-yu, said Thursday that the plan is aimed at enhancing the company's credibility overseas and bringing in advanced banking know-how. "I expect to see perceptible results in October or November," he said.

The largest shareholder of Hana is now Allianz AG, a German insurer, with a 12.5 percent stake. Mr. Kim said that Allianz's stake will remain unchanged after the deal.

He said Hana will not seek a merger with another bank for now. Hana's merger talks with KorAm Bank broke down last December. Hana also plans to buy a 50 percent stake in Allianz France Life Insurance Co. to begin a "bancassurance" business, a combination of banking and insurance products.