Hana Card agrees to sell 49 pct stake to SK Telecom

SEOUL, Dec. 11 (Yonhap) -- Hana Financial Group Inc., South Korea's
fourth-largest financial service firm, agreed with SK Telecom Co. Friday to sell a 49 percent stake in its credit card unit, a source familiar with the deal said.

"Earlier in the morning, SK Telecom reached the final agreement to take over a 49
percent share in Hana Card Co. for some 400 billion won (US$343.9 million)," the
source said on condition of anonymity.
The source declined to reveal the agreed price of the deal as it still needs
approval from board members of both companies.
The board of Hana Financial is set to decide on the share sale at a meeting later
in the day with SK Telecom's board to convene on Monday.
Even after the sale, Hana Financial will remain the largest shareholder with a 51
percent stake. Hana Card is expected to launch a rights offering in order to
transfer the agreed stocks.
pbr@yna.co.kr
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