Hana nears completion of funding for KEB acquisition

Hana’s KEB takeover is still subject for Korea’s financial regulator’s approval.

Hana Financial Group Inc., South Korea's fourth-largest banking group, said Saturday it has nearly completed funding for its acquisition of Korea Exchange Bank (KEB).

The banking group signed an agreement in November with U.S.-based Lone Star Funds to take over a 51.02 percent stake in KEB, the country's fifth-largest lender, for 4.7 trillion won (US$4.21 billion).

According to Hana Financial, it plans to issue a mix of common and convertible stocks to 10 financial investors to raise up to 1.5 trillion won ($1.36 billion).

The plan will be subject to an approval by the holding firm's board of directors next week.

View the full story in Yonhap News.