Hana to purchase of 5% stake in KEB

Hana to take over stake from Lone Star and possibly from the Export-Import Bank of Korea.

Hana Financial Group has agreed to initially buy a 5 percent stake in Korea Exchange Bank (KEB) from U.S. buyout fund Lone Star to keep its planned $4.3 billion takeover of KEB alive, the Maeil Business Newspaper reported, citing unnamed industry sources.

The stake will be taken over from Lone Star and possibly from the Export-Import Bank of Korea.

A Hana spokesman said he could not confirm the report.

Hana has been in talks with Lone Star to buy a small stake in KEB to keep both parties committed to the deal, which has been hit by regulatory delays, according to a report in Reuters.