Hana Financial interested in buying Korea Exchange Bank

SEOUL, Nov. 22 (Yonhap) -- The chief of Hana Financial Group Inc., South Korea's
fourth-largest financial services company, has shown his company's interest in
acquiring Korea Exchange Bank, controlled by U.S. private equity firm Lone Star.
The remark by Hana Financial Chairman Kim Seung-yu, made on Friday at a meeting
with reporters, means the company will join industry leader KB Financial Group
Inc. and the state-run Korea Development Bank in expressing interest in buying
the country's sixth-largest lender from Lone Star.
"We are open to all possibilities, including Korea Exchange Bank," Kim said.
"Funding for the acquisition isn't a big problem because we can raise money
through various means."
After taking over Korea Exchange Bank in 2003, the U.S. fund agreed to sell its
controlling stake to HSBC Holdings Inc. in 2007 for US$6.3 billion.
But the deal eventually collapsed due to a legal dispute over Lone Star's
practices when it acquired the local lender.
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