Hana Financial Group of Seoul, South Korea, has agreed to buy newly issued shares of common stock, and a 51% ownership interest, in Saehan Bancorp in Los Angeles.
The deal will allow the $562.9 million-asset Saehan to focus on upgrading its risk management systems, such as its credit-scoring systems, and support private banking functions, Dong Soo Han, chairman of Saehan, said Friday.
“Our proposed investment in Saehan complements a focus on expanding our organization’s global presence, particularly within the U.S. banking community, and participating in the consolidation of financial institutions in this important market,” Seung Yu Kim, chairman of Hana Financial, said in a news release.
The companies did not say how much Hana paid for the stake.
Hana Financial recently completed its acquisition of Korea Exchange Bank. The Federal Reserve said on Wednesday that it had approved Hana Financial’s acquisition of indirect controlling interests in two U.S. units of Korea Exchange Bank through that deal. One of the divisions is in Los Angeles.