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Hana Bank ahead in race for SeoulBank

Hana Bank ahead in race for SeoulBank

(South Korea) - Korea's Hana Bank has received a key recommendation over US fund Lone Star as the favoured bidder for nationalised SeoulBank. State agency the Public Fund Oversight Committee is favouring Hana in terms of price relative to the other offer, with the Government continuing to look at a sale of SeoulBank by the end of August.

Pricing from both Hana and Lone Star is reportedly about a trillion won (US$852 million), the former being share based with Lone Star's being entirely cash.

If successful, Hana would become South Korea's third largest bank with a lending portfolio worth around 82 trillion won, behind Kookmin Bank and Woori Financial Holdings.

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