Hana Financial to delist KEB after buy out

Will follow its taking over 100% of Korea Exchange Bank.

Analysts said this move has been widely expected since Hana Financial bought KEB last year for US$3.5 billion in one of the largest deals in South Korea’s banking history.

"We aim for greater synergies by boosting management efficiency, strengthening the group's (brand), and preventing potential conflict-of-interest issues," Hana Financial said.

Hana Financial said it will eventually merge KEB with its flagship Hana Bank to strengthen the latter's foreign exchange business and trade finances and create synergies with the advantages it has in its private banking and retail business.

Hana said the share swap will take place on April 5 at the exchange rate of one share of Hana Financial to a 0.1894302 share of KEB. Some two million Hana Financial shares will be given to current KEB shareholders while some 46.8 million new shares will be issued for the share swap.

KEB is the fifth largest bank in South Korea measured in assets and the largest foreign exchange bank, providing the largest range of foreign exchange products.

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