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October 03, 2005

Goldman PE Buys Another Chunk of Hana

For a market which is closed today, Korea is putting on some serious news flow.

Hana Bank, which has also expressed interest in LG Card, has bolstered its shareholding roster today by selling a 9.4% stake in its new FHC (to be listed 12/1) to Goldman Sachs' private equity unit. GS had previously bought 5m shares in Hana Bank out of treasury stock (~2.5%). It's not clear whether the FHC shares will be new primary ones or taken from other holdings.

Hana is a quite good operation, and certainly GS is getting in cheap, but our worries about the FHC concept are stoked by the presentation below, which is heavily reliant on that old saw, "revenue synergies."

* Hana September IR Presentation

Posted by The Banker at October 3, 2005 03:56 PM

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