Hana Financial Investment eyeing takeover of Hana Bank’s Hong Kong unit
SEOUL-- South Korean brokerage house Hana Financial Investment Co. said Monday that it is seeking to take over affiliate Hana Bank's subsidiary in Hong Kong as part of efforts to tap into the Asian financial hub.
Hana Financial Investment is considering a plan to purchase a 100 percent stake in KEB Hana Global Finance Ltd. for about US$100 million, a company official said.
"We are mulling several options for the envisioned acquisition," the official said. "It is going through an internal decision-making process and nothing has been finalized yet."
If the plan becomes a reality, KEB Hana Global Finance would be Hana Financial Investment's wholly owned subsidiary in the Chinese special administrative region.
Hana Financial Investment has been ramping up efforts to make forays into overseas markets, especially the Asian financial hub of Hong Kong and the Southeast Asian market with high growth potential.
In late April, Hana Financial Investment signed a deal to purchase a 35 percent stake in Vietnam-based brokerage BIDV Securities Co. for 142 billion won ($111 million), which would make it the second-largest shareholder of BIDV Securities, the 11th-largest brokerage house in Vietnam.
Hana Financial Investment is the brokerage arm of Hana Financial Group Inc., a major financial holding group in South Korea whose flagship is Hana Bank.
Source: Yonhap News Agency