South Korea's Financial Services Commission has approved Hana Financial's takeover of the Korea Exchange Bank.
The financial regulator reached the conclusion after close consultation with the Financial Supervisory Service, its executive body, and the Fair Trade Commission, the country's corporate regulator, reports Yonhap News.
"We decided to permit Hana Financial's acquisition of KEB following a comprehensive and sufficient deliberation," the FSC announced.
The two agencies determined that Hana Financial, South Korea's fourth largest lender, is qualified to take over KEB, the country's fifth-largest lender, and the acquisition will not hurt market competition, it said.
After getting the approval, Hana Financial Chairman Kim Seung-yu ruled out the possibility of major job cuts in the process of acquiring KEB.
"Currently, I'm not thinking about artificial manpower restructuring," said Kim, adding he will help KEB maintain its independence of operations under Hana.
The approval by the Financial Services Commission paved the way for the Lone Star's exit from South Korea after years of public outcry and legal dispute.
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