Fed paves way for closure in Hana’s acquisition of KEB

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Fed paves way for closure in Hana’s acquisition of KEB

Hana Financial Group received a controlling stake in Korea Exchange Bank from U.S. fund Lone Star yesterday, concluding all processes in its long-awaited takeover of the country’s fifth-largest commercial bank.

The group said it had received from Lone Star a 51.02 percent stake in KEB, as well as a smaller stake from Korea Eximbank, making its total KEB stake 57.27 percent.

This was preceded by The Federal Reserve Board giving the green light to Hana Financial Group’s bid to acquire the U.S. units of Korea Exchange Bank (KEB), enabling Korea’s No. 4 banking group to conduct nonbanking business in the U.S.

Hana Financial stands to acquire indirect controlling interests in two KEB subsidiaries in New York and Los Angeles. Yonhap

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