RETAIL BANKING | Tony Chua, Korea

Woori targets purchase of 4.9% stake in Hanmi Financial

Following the foiled takeover, Woori resorted to buy shares at public offering price as Hanmi Intends to use proceeds to grow its bank.

Hanmi Financial said Woori Finance Holdings would acquire a 4.9 percent stake in the U.S. lender, days after the South Korean lender's bid to acquire the company fell through.

Earlier this month, Woori's $240 million takeover deal of Hanmi hit regulatory hurdles and had to be called off, dealing a potential blow to its ambition to expand in the United States.

The stake sale would make Woori, South Korea's biggest financial services group by assets, one of the top shareholders in Hanmi Financial.

Last Monday, Hanmi Financial said it would make a $75 million public offering, for which FBR Capital Markets & Co would act as the sole book-running manager.

View the full story in Reuters.

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