InfoAnda - South Korea's Hana to buy KEB for 4.1 billion dollars

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Read more with google mobile : South Korea's Hana to buy KEB for 4.1 billion dollars

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 Korea's Hana to buy KEB for 4.1 billion dollars AFP - Thursday, November 25 Send IM Story Print South Korea's Hana to buy KEB for 4.1 billion dollars SEOUL (AFP) - – South Korea's Hana Financial Group said Wednesday it would take over industry peer Korea Exchange Bank in a deal worth more than four billion dollars. Hana, the country's fourth largest banking group, will pay Lone Star Funds of the United States around 4.7 trillion won (4.1 billion dollars) for a 51 percent stake in KEB, it said in a regulatory filing. The announcement finally brings the curtain down on Lone Star's troubled attempts to sell the stake it bought for 1.3 billion dollars seven years ago. Following the Hana board's approval Wednesday, group chairman Kim Seung-Yu will officially sign the deal with Lone Star Funds Chairman John Grayken in London Thursday, the group's spokesman told AFP. "We will probably file for regulators' approval for the deal Thursday," he said. The spokesman declined to comment on how the group would finance one of South Korea's largest banking takeovers. Citing Kim, Yonhap news agency reported the group is now seeking investors to help finance the purchase. Hana Financial "is in contact with investors to raise funds for the KEB acquisition and (the funding) will be done without any trouble," Yonhap quoted him as saying as he left for London Wednesday. "There is only a signing process left before finalising the takeover," he was quoted as saying. Analysts said the takeover would create a strong bank that would combine Hana's strength as a retail commercial bank with KEB's dominance in trade finance and foreign exchange. But the deal may put Hana in a vulnerable position "at least in the short term" until it finds a solid option to finance the acquisition, Moody's Investors Service said Monday. "Hana Financial, as a shell holding company, has limited earnings capacity," Beatrice Woo, Moody's senior credit officer, said in a statement. "Thus, Hana Bank, as the group's principal earnings contributor, may be pressured to direct a greater amount of dividends to the parent. "Such dividend demands would hurt the bank's capital position and limit its ability to expand its capital base internally." KEB, which boast the largest overseas banking network among the country's lenders, has been courted by domestic banks seeking to expand overseas and foreign companies looking for a way into South Korea. State-run Korea Development Bank and the Australia and New Zealand Banking Group have previously expressed an interest in KEB, which is valued at around 7.9 trillion won. The acquisition, if signed off and approved by regulators, will cap a drawn-out struggle by Lone Star to recoup its investment in KEB. Four years ago, the US fund reached a deal to sell out to South Korea's Kookmin Bank for more than seven billion dollars but the deal was scrapped following a probe into the circumstances under which Lone Star bought KEB. It had been claimed that Lone Star managed to buy the bank at a fire-sale price, with prosecutors accusing a former finance ministry official of conspiring with two KEB officials to understate its value. The court case led to delays in regulatory approval for a planned 6.3 billion dollar deal to sell to banking giant HSBC in September 2007. Despite a judge in late 2008 ruling that there was no conspiracy to sell KEB cheap to Lone Star, HSBC dropped its offer after the onset of the global financial crisis in the same year. 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