Hana Won't Buy Majority Stake in SaehanMonday, April 9, 2012
Just two months after Saehan Bancorp agreed to sell a majority stake to a South Korean financial firm, the two sides have called off the deal.
Hana Financial Group, headquartered in Seoul, had planned to acquire 51 percent of Saehan, a Koreatown bank holding company, pending approval from U.S. and Korean regulators.
In a brief statement Monday, Saehan announced that the two parties “have mutually terminated” the deal, but did not provide a reason. Chief Financial Officer Daniel Kim was not available for comment.
Saehan, which struggled during the economic downturn with loan losses, had hoped to use the new capital to upgrade its risk-management systems and invest in its private banking business.
Saehan’s thinly traded stock fell 2 cents, or 5.4 percent, to 35 cents a share Monday.