NEW YORK ( TheStreet) -- Hana Financial Group Inc is buying a 51% stake in Korea Exchange Bank from Lone Star Funds, according to a report by The Wall Street Journal.
The report says Lone Star's stake rings in at about $3.8 billion.
The move would block Australia & New Zealand Banking Group (ANZ) from buying the stake. ANZ has been conducting due diligence on Korea Exchange Bank with hopes of expanding its presence in East Asia through a potential buyout.
If Hana does acquire the stake in Korea Exchange bank it will not likely make a bid for the South Korean government's 57% stake in Woori Finance Holdings (WF).--Written by Maria Woehr in New York.
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