Eximbank to sell KEB stake

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Eximbank to sell KEB stake

The Export-Import Bank of Korea announced yesterday it will exercise its right to sell a 6.25 percent stake in Korea Exchange Bank on the same terms as U.S. private equity fund Lone Star’s majority stake sale to Hana Financial Group.

In a statement released yesterday, Korea Eximbank said it will ask Hana to buy its 40,314,387 KEB shares at a price of 11,900 won per share under the so-called tag-along right.

Hana Financial had renegotiated the price of Lone Star’s controlling stake in KEB down from 13,390 won to 11,900 won ($10.25) per share on Dec. 3.

Korea Eximbank plans to use the proceeds to fund local exporters including small and midsized enterprises. Yonhap

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