Temasek bid for Hana approved

Temasek bid for Hana approved

SEOUL: South Korea's financial watchdog said on Friday it had
approved a bid by Singapore's state investment arm to increase
its stake to nearly 10 percent in Hana Bank, South Korea's third-
largest lender.

The Financial Supervisory Commission said it had approved
Temasek Holdings' purchase of up to 6.39 percent in the bank, in
additional to the 3.6 percent stake it already holds.

The approval was granted on condition that Temasek limits its
shareholder voting rights to less than 4 percent, the commission
said.

German insurer Allianz AG has the largest stake in Hana with
5.83 percent, followed by South Korea's Dongwon Group with 5.11
percent, Singapore's Temasek Holdings with 3.60 percent and steel
giant POSCO with 3.37 percent. -- AFP