Hana Financial Investment plans to take over Hana Bank’s Hong Kong unit
SEOUL, May 09 (Yonhap) — South Korean brokerage Hana Financial Investment Co. said Monday it was seeking to take over Hana Bank’s Hong Kong subsidiary as part of efforts to tap into the financial hub. Asian.
Hana Financial Investment is considering a plan to buy a 100% stake in KEB Hana Global Finance Ltd. for about $100 million, a company official said.
“We are considering several options for the contemplated acquisition,” the official said. “It is going through an internal decision-making process and nothing has been finalized yet.”
If the plan materializes, KEB Hana Global Finance would become the wholly owned subsidiary of Hana Financial Investment in the Chinese special administrative region.
Hana Financial Investment has stepped up efforts to make inroads into overseas markets, especially the Asian financial hub of Hong Kong and the high-growth potential Southeast Asian market.
In late April, Hana Financial Investment signed a deal to buy a 35% stake in Vietnam-based brokerage BIDV Securities Co. for 142 billion won ($111 million), making it BIDV’s second largest shareholder. 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.