Hana Financial Group Inc. said Sunday that it has signed a deal to buy majority stakes in a U.S.-based lender in a bid to expand its presence in the United States.
Under the memorandum of understanding with Saehan Bancorp, the South Korean banking group will purchase newly issued shares to secure a 51 percent ownership position in the holding company of Saehan Bank, headquartered in Los Angeles, said the company.
The transaction is subject to U.S. and Korean regulatory approval.
Hana Financial expects that the investment in the U.S. firm will strengthen its overseas presence by building up its banking network in the U.S. The move follows its recent takeover of Korea Exchange Bank from U.S. buyout fund Lone Star Funds, which was worth billions of dollars.
Saehan Bank, founded in 1991, has 11 retail branch offices in L.A. with $580 million in assets as of 2011. (Yonhap News)
