Most Popular
-
1
10-man S. Korea lose to Indonesia to miss out on Paris Olympic football qualification
-
2
Hybe-Ador feud should have limited effect on Hybe's overall performance: analysts
-
3
Second Gimpo civil servant found dead, after apologizing for not finishing work
-
4
DP leader says he will meet Yoon without conditions
-
5
First-ever meeting of president, opposition chief set to finally happen
-
6
NewJeans' singles, Japanese debut to proceed as planned, despite Hybe-Ador feud
-
7
Experts raise concerns about Japan putting pressure on Naver over Line
-
8
Samsung mobile chief, Google device head meet in Seoul
-
9
Blinken calls on China to press N. Korea to end its 'dangerous' behavior
-
10
Ship linked to NK arms shipments to Russia is moored in China: State Dept.
Hana Financial Group Inc. said Sunday that it has signed a deal to buy majority stakes in a U.S.-based lender in a bid to expand its presence in the United States.
Under the memorandum of understanding with Saehan Bancorp, the South Korean banking group will purchase newly issued shares to secure a 51 percent ownership position in the holding company of Saehan Bank, headquartered in Los Angeles, said the company.
The transaction is subject to U.S. and Korean regulatory approval.
Hana Financial expects that the investment in the U.S. firm will strengthen its overseas presence by building up its banking network in the U.S. The move follows its recent takeover of Korea Exchange Bank from U.S. buyout fund Lone Star Funds, which was worth billions of dollars.
Saehan Bank, founded in 1991, has 11 retail branch offices in L.A. with $580 million in assets as of 2011. (Yonhap News)
Under the memorandum of understanding with Saehan Bancorp, the South Korean banking group will purchase newly issued shares to secure a 51 percent ownership position in the holding company of Saehan Bank, headquartered in Los Angeles, said the company.
The transaction is subject to U.S. and Korean regulatory approval.
Hana Financial expects that the investment in the U.S. firm will strengthen its overseas presence by building up its banking network in the U.S. The move follows its recent takeover of Korea Exchange Bank from U.S. buyout fund Lone Star Funds, which was worth billions of dollars.
Saehan Bank, founded in 1991, has 11 retail branch offices in L.A. with $580 million in assets as of 2011. (Yonhap News)
