Hana Financial Investment plans to take control of Hana Bank’s Hong Kong unit
SEOUL, May 9 (Korea Bizwire) — South Korean brokerage Hana Financial Investment Co. said on Monday it was seeking to take over Hana Bank’s Hong Kong subsidiary as part of efforts to tap into the Asian financial hub.
Hana Financial Investment is considering a plan to buy a 100% stake in KEB Hana Global Finance Ltd. for about $100 million, a company official said.
“We are considering several options for the contemplated acquisition,” the official said. “It is going through an internal decision-making process and nothing has been finalized yet.”
If the plan materializes, KEB Hana Global Finance would become the wholly owned subsidiary of Hana Financial Investment in the Chinese special administrative region.
Hana Financial Investment has stepped up efforts to make inroads into overseas markets, especially the Asian financial hub of Hong Kong and the high-growth potential Southeast Asian market.
At the end of April, Hana Financial Investment signed an agreement to buy a 35% stake in Vietnam-based brokerage BIDV Securities Co. for 142 billion won ($111 million), which would make it the second largest shareholder of BIDV Securities, the 11th largest brokerage In Vietnam.
Hana Financial Investment is the brokerage arm of Hana Financial Group Inc., a major financial holding group in South Korea whose flagship is Hana Bank.