NEW YORK (
Hana Financial Group Inc
is buying a 51% stake in
Korea Exchange Bank
Lone Star Funds
, according to a report by
The Wall Street Journal
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
--Written by Maria Woehr in New York.
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