Hana Group chairman assures Bain Capital that Korea still safe investment
Published: 19 Jan. 2025, 15:00
Updated: 19 Jan. 2025, 18:06
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- KIM JU-YEON
- [email protected]
![Bain Capital Co-Managing Partner John Connaughton, left, talks with Hana Financial Group Chairman and CEO Ham Young-joo at Hana Financial Group's offices in Jung District, central Seoul, on Jan. 17. [HANA BANK]](https://koreajoongangdaily.joins.com/data/photo/2025/01/19/1a8546bd-ac78-4d42-8ce9-d1d17725473d.jpg)
Bain Capital Co-Managing Partner John Connaughton, left, talks with Hana Financial Group Chairman and CEO Ham Young-joo at Hana Financial Group's offices in Jung District, central Seoul, on Jan. 17. [HANA BANK]
Hana Financial Group's chairman met with Bain Capital executives, including Co-Managing Partners John Connaughton and David Gross, to discuss the investor's expansion in Korea as the U.S. firm eyes its next opportunities after securing a stake in the country's leading zinc smelter.
Chairman and CEO Ham Young-joo assured the investors of Korea's fundamentals and opportunity for growth at Hana Financial Group's Myeong-dong, central Seoul office on Friday, despite recent political upheaval that has shaken the local currency and financial markets, according to Hana Bank.
The two companies' executives exchanged opinions on new investment plans in Korea and the future outlook for new business sectors as well as the global economy and agreed to expand the scope of their strategic partnership.
The two firms first worked together in 2016 when Bain Capital, a private investment firm ranked 13th globally as of 2023, made its first acquisition in Korea. Bain Capital joined hands with Goldman Sachs to buy a majority stake in cosmetics firm Carver Korea in 2016 before making a profitable divestment in 2017.
Most recently, Bain Capital backed Korea Zinc Chairman Choi Yun-beom in a share buyback aimed at fending off a takeover bid from the allied MBK Partners and Young Poong. The Boston-based company emerged from the tussle with a 1.4 percent stake in the smelter. Shareholders will determine the ultimate fate of the takeover at a general meeting scheduled for next week; major U.S. firms including Glass Lewis have expressed support for Korea Zinc's current leadership.
BY KIM JU-YEON [[email protected]]
with the Korea JoongAng Daily
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