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-Hana Financial seeks funding for KEB Buy.

Global Banking News-December 16, 2010--Hana Financial seeks funding for KEB Buy(C)2010 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 16 December 2010(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

South Korea's Hana Financial Group Inc (086790.SE) has said that it has approached several firms in Asia and Europe seeking to raise funds for its KRW4.69tn (USD4.11bn) acquisition of a majority stake in Korea Exchange Bank (004940.SE), reports Dow Jones.

According to an unnamed official at Hana, the bank has been in talks with Chinese sovereign wealth fund China Investment Corporation (CIC) as well as China Merchants Bank Co (3968.HK) (600036.SH) (OTC: CIHHF.PK) and Japan's Sumitomo Mitsui Financial Group Inc (8316.TO). Hana has also held discussions with some European investment banks, the source said, without identifying the banks.

Hana is currently planning to raise KRW1.2tn via a private placement of shares and is primarily seeking strategic investors to raise the money. Proceeds from the private placement will contribute largely for the funding for Hana's acquisition of a 51 percent stake in KEB.

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

((Distributed via M2 Communications - http://www.m2.com))

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Publication:Telecomworldwire
Date:Dec 16, 2010
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