This time, Hana may target Woori for M&A

Hana picks Woori as its backup as uncertainty on the conclusion on its bid for KEB grows.

A variety of predictions concerning the next step by Hana Financial Group are being issued in the market as its chairman Kim Seung-yu continued to express its willingness to acquire a bank.

The situation comes amid growing uncertainty about the conclusion of the deal between Hana Financial and U.S. Lone Star Funds to trade shares of Korea Exchange Bank.

As financial regulators indefinitely delayed the process on whether to approve or reject Hana’s plan to take over KEB, analysts began issuing the possibility that Kim will choose to shift his M&A target to other Korean banks.

In addition, there are speculations that the financial group will tap financial companies in overseas markets.

One of the convincible scenarios is Kim’s decision to participate in the coming bidding for the state-run Woori Financial Group, which is pushed by the financial authorities.

“The Woori bidding schedule, unveiled by the government on Tuesday, will be an opportunity for Hana Financial,” SK Securities analyst Bae Hyung-jung said in a research report.

View the full story in The Korea Herald < https://www.koreaherald.com/national/Detail.jsp?newsMLId=20110518000797>