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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Singapore Asia Pacific World South Korean investors eyeing small U.S. banks Reuters - 2 hours 40 minutes ago Send IM Story Print * Sterling saw Koreans invest $100 mln in capital raise * Belstar raising $250 mln-$500 mln from Asian investors * Korean investors eye low-risk, undervalued banks By Paritosh Bansal NEW YORK, Oct 8 - Small U.S. banks, many of which are still hurting for capital, are seeing a new source of funds -- South Korean investors. Sterling Financial Corp <STSA.O> saw Korean institutional investors put up $100 million of a $730 million capital raise this summer, helping the Washington state-based bank recapitalize, according to a regulatory filing and a bank adviser. Sterling's Korean investors included a life insurance company, an asset manager and two family trusts, according to Daniel Yun, chief executive of Belstar Group, which advised Sterling on the recapitalization. New York-based Belstar is also raising a $250 million to $500 million private equity fund from Asian investors, primarily from South Korea, to invest in U.S. financial institutions, Yun said in an interview at his midtown Manhattan office. These are the latest investors to look at the battered U.S. banking sector, hoping to find undervalued banks that can be salvaged and positioned for growth after recapitalization. The interest is good news for hundreds of smaller U.S. banks that have found it hard to raise money from both public and private markets due to their size. Even Sterling, which has $9.7 billion in assets and 178 branches, took several months to raise capital. Its capital raise was anchored by private equity firms Warburg Pincus [WP.UL] and Thomas H. Lee Partners [THL.UL]. [ID:nSGE67J0FV] Korean investors would look at low-risk situations as well as opportunities that that might not be perfect fits for traditional private equity firms, said Yun, a U.S. Army veteran who ran a special situations hedge fund before founding Belstar in 2005. Belstar, which plans to have its private equity fund in place by end of the year, will focus on community banks and take non-controlling stakes, Yun said. Belstar has also raised more than $280 million in two funds to take part in the Term Asset-Backed Securities Loan Facility administered by the U.S. Federal Reserve, according to the firm. (Reporting by Paritosh Bansal, editing by Gerald E. McCormick) (For more M&A news and our DealZone blog, go to http://www.reuters.com/deals) Recommend Send IM Story Print Related Articles US STOCKS-Wall St rises on Fed hopes, agriculture sector Reuters - 15 minutes ago US-BUSINESS Summary Reuters - 21 minutes ago Tech vendors show signs of better year-end Reuters - 21 minutes ago PREVIEW-Tech vendors show signs of better year-end Reuters - 23 minutes ago BofA's U.S.-wide foreclosure halt draws call for more Reuters - 24 minutes ago News Search Top Stories Weak US jobs report hangs over November elections Arabs 'give US one month to revive peace talks' Global rebalancing 'not progressing' enough: Geithner UAE goes back on planned BlackBerry services ban Obese workers cost US 73-bln dlrs a year: study More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Games backs safe sex despite plumbing problems Europe takes currency fight to US Israel's 'Jewish state' loyalty oath sparks anger UAE goes back on planned BlackBerry services ban New technologies confuse reality and fiction: Pope More Most Viewed » US state executes first woman in nearly 100 years Workers swarm Europe's streets in anti-cuts protests Global marine life census charts vast world beneath the seas More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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