South Korea’s top financial regulator on Wednesday gave preliminary approval for the merger of two flagship banks of Hana Financial Group Inc., the country’s third-largest banking group by assets.
Hana Financial has tried to merge Hana Bank and Korea Exchange Bank since it acquired KEB from U.S. buyout fund Lone Star in 2012. Its efforts have dragged on for years as the KEB’s union had strongly opposed the merger until recently, citing Hana’s earlier promise to keep it independent.
The Financial Service Commission said in its regular meeting it approved the merger of the two commercial banks. (Yonhap)
