Hana Financial buys U.S. bank holding company

Hana Financial Group said Sunday it signed an agreement to acquire a 71 percent stake of BNB Financial Services Corporation, a holding company of New York-based Broadway National Bank.

The acquisition of the only Korean-American bank that has a national license provides a foothold for Hana to expand sales in North America, the financial group said in a press release.

National banks have high consumer trust as they are chartered and supervised by the Office of Comptroller of Currency, an agency under the U.S. Department of Treasury.

Since it is relatively easy for national banks to open branches in different states, Hana Financial said it would be able to push for expansion into the western and midwestern U.S. more effectively through mergers and acquisitions.

BNB Financial Services Corporation and BNB will be enlisted as Hana Financial’s subsidiaries upon approval by the Korean Financial Services Commission and the U.S. Federal Reserve Board.

BNB began operations in 1986 as a community bank for Korean-Americans in New York.

By Kim So-hyun (sophie@heraldcorp.com)