“We determined that the consolidation would not limit competition in financial market where 15 bank (after merging between two companies) rivals will compete,” the Fair Trade Commission (FTC) said on Thursday.
If successful, Hana will have a size of the third-largest bank in South Korea, followed KB Financial and Woori Financial.
Hana will have to get rid of one more big-hurdle for its takeover of KEB; it should win final regulatory approval while dealing with US based Lone Star Funds which has a controlling stake in KEB.
Hana has been dealing with Lone Stat to buy 51.02 percent shares in KEB.
Financial Service Commission, the South Korea’s regulatory is expected to decide its approval on March 16.
(아주경제 송지영 기자)
reporter
Park Sae-jin
swatchsjp@ajunews.com
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