RETAIL BANKING | Tony Chua, Korea

Woori fails to acquire Hanmi

Setback in $240mn Hanmi takeover seen to affect Woori's plans for overseas expansion.

Woori Finance Holdings' up to $240 million takeover deal of Hanmi Financial has fallen through, dealing a potential blow to the South Korean firm's ambition to expand its U.S. business.

U.S. lender Hanmi Financial announced the termination of its securities purchase agreement with Woori, saying both parties had mutually agreed to end the deal.

In May, Woori said it would buy a controlling stake in Hanmi Financial at $1.20 a share.

South Korea's biggest financial services group by assets has been eyeing overseas takeover targets and through control of Hanmi hoped to increase its presence in the United States.

However, the transaction had been held up by regulatory approvals and resulted in an amendment allowing Hanmi to pursue further fundraising efforts or alternative acquisition proposals.

View the full story in Reuters.

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