Woori to buy 4.9pct stake in Hanmi Financial

29-Jun-2011 Intellasia | Reuters | 7:01 AM Print This Post

Hanmi Financial said Woori Finance Holdings would acquire a 4.9 percent stake in the US lender, days after the South Korean lender’s bid to acquire the company fell through.

Earlier this month, Woori’s $240 million takeover deal of Hanmi hit regulatory hurdles and had to be called off, dealing a potential blow to its ambition to expand in the United States.

The stake sale would make Woori, South Korea’s biggest financial services group by assets, one of the top shareholders in Hanmi Financial.

Last Monday, Hanmi Financial said it would make a $75 million public offering, for which FBR Capital Markets & Co would act as the sole book-running manager.

Woori would buy shares at the price being offered to the public, Hanmi said in a statement.

Hanmi Financial, which caters mainly to Korean Americans, said it intends to use net proceeds from the private placement mainly to grow its Los Angeles-based subsidiary, Hanmi Bank.



Category: Korea

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