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.
To contact the writer of this article, click here: Maria Woehr. To follow the writer on Twitter, go to http://twitter.com/newsgirlmw. To submit a news tip, send an email to: email@example.com.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV