Akbank TAS, Turkeys second biggest lender by market value, signed a cooperation agreement with South Korea’s Hana Bank as it seeks to take advantage of the two countries’ recent free-trade agreement.
Hana Financial Group Inc. may use debt to finance almost half of a planned purchase of a stake in Korea Exchange Bank that will cost as much as 5.3 trillion won ($4.7 billion), analysts said.
Hana Financial Group Inc. revived an effort to buy Lone Star Funds’ 51 percent stake in Korea Exchange Bank , challenging Australia & New Zealand Banking Group Ltd. for control of the lender.
Asian stocks fell after Federal Reserve Bank of Dallas President Richard Fisher said the U.S. central bank should end its record stimulus as soon as possible.
Goldman Sachs Group Inc. reduced its stake in Hana Financial Group Inc., and shares of the South Korean company declined.
The following companies may have unusual price changes today in Asian trading , excluding Japan. Stock symbols are in parentheses and share prices are from the previous close, unless noted otherwise.
Hana Financial Group Inc. said it is close to an agreement to buy a $3.7 billion stake in Korea Exchange Bank, potentially beating out rival suitor Australia & New Zealand Banking Group Ltd.
Hana Financial Group Inc. will push to complete its purchase of Korea Exchange Bank from Lone Star Funds after a Seoul court ruled on a five-year legal dispute that stalled the U.S. buyout fund’s efforts to sell the lender.
Hana Financial Group Inc. will pay 4.65 trillion won to 4.75 trillion won to acquire a 51 percent stake in Korea Exchange Bank from Lone Star Funds, Hana said in a regulatory filing today.
HSBC Holdings Plc, Europe’s largest bank, said it sold the stake it bought in 2007 in South Korea’s Hana HSBC Life Insurance Co. back to Hana Financial Group Inc.