Two midsize South Korean banks plan to merge, creating the seventh-largest commercial bank in the country.

According to the Associated Press, Hana Bank and Boram Bank, the nation's 11th- and 13th-largest banks, signed a letter of intent to merge Jan. 4. The combination would have $29.4 billion of assets.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.