Los Angeles (Yonhap) -- Hana Financial Group Inc.,
South Korea's No. 4 banking group, said Saturday that it is pushing
to acquire a Korean American commercial bank in the United States
as part of its bid to accelerate expansion abroad.
The move comes as Hana Financial Group seeks to boost overseas
revenue by taking over the Korea Exchange Bank (KEB), South Korea's
No. 5 lender, in one of the biggest banking deals in South Korean
history.
"We are eying (targets) on the East and West coasts where a
large number of overseas Koreans reside," Yun Yong-ro, vice
chairman who oversees Hana's businesses, told reporters during his
visit to the U.S. city.
"We are ready to start talks with any banks," Yun added,
declining to give further details.
Hana Financial Group, which has South Korea's No. 4 lender Hana
Bank under its wing, is awaiting regulatory approval from the U.S.
and Hong Kong to finalize the pending purchase of KEB.
Last month, Hana secured approval from the South Korean
regulator to buy a major stake in KEB from Lone Star Funds in a
deal worth 3.9 trillion won ($3.5 billion).
The KEB deal will allow Hana Financial, which has been largely
focused on domestic business, to take control of the largest
overseas network run by a Korean lender.
