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