Fed OKs Hana's $3.5B Takeover Of Korea Exchange Bank

Law360, New York (February 9, 2012, 2:55 PM EST) -- The Federal Reserve granted approval on Wednesday for Seoul-based investment bank Hana Financial Group Inc. to purchase the American lending subsidiaries of Korea Exchange Bank and complete a long-stalled $3.5 billion takeover of the company from private equity firm Lone Star Funds.

The Fed greenlighted the acquisitions of KEB NY Financial Corp. and KEB LA Financial Corp. after reviewing the legality of the transaction under the Bank Holding Company Act. The approval allows Hana to engage in nonbanking activities in the States, such as making, acquiring,...
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