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    A086790   KR7086790003

HANA FINANCIAL GROUP INC.

(A086790)
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South Korea's Hana Bank to buy 15% stake in Vietnam's BIDV for around $850 million

07/22/2019 | 06:46am EDT

SEOUL (Reuters) - South Korea's Hana Bank has agreed to buy a 15% stake in the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) for 1 trillion won ($850 million), its parent Hana Financial Group said on Monday.

BIDV, Vietnam's second-largest listed bank with a market capitalization of $5.26 billion, said it will issue 603.3 million new shares for the stake sale. It pegged the deal value at 20.295 trillion dong ($874 million).

The stake sale is the latest large investment by a South Korean firm in the Southeast Asian country, after conglomerate SK Group in May agreed to buy a 6.1% of Vietnam's largest firm, Vingroup JSC, for $1 billion.

Vietnam caps foreign ownership in local banks at 30%, but has allowed some overseas banks to open wholly-owned units.

Hana Financial said in a regulatory filing the purchase of the BIDV stake will facilitate its entry into the Vietnamese market and secure sources for its mid- to long-term growth.

Vietnamese banks need as much as $20 billion in the run-up to the adoption of Basel II standards, scheduled for Jan. 1, 2020, Fitch Ratings said in a note last week.

Vietnam's Military Commercial Joint Stock Bank said last week it was seeking to sell a 7.5% stake to one or more foreign investors this year.

South Korea is the largest source of foreign direct investment in Vietnam, which has over recent years become a production base for several companies such as Samsung Electronics and LG Electronics Inc .

($1 = 1,176.27 won)

($1 = 23,217 dong)

(Reporting by Ju-min Park and Khanh Vu; Editing by Muralikumar Anantharaman and Himani Sarkar)

By Ju-min Park and Khanh Vu


© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
BASE CO., LTD. -1.57% 4690 End-of-day quote.-23.74%
BASE, INC. -4.42% 1147 End-of-day quote.-41.24%
HANA FINANCIAL GROUP INC. 2.47% 45550 End-of-day quote.32.03%
JOINT STOCK COMMERCIAL BANK FOR INVESTMENT AND DEVELOPMENT OF VIETNAM -0.75% 39750 End-of-day quote.-17.01%
LG CORP. -0.94% 95200 End-of-day quote.-0.82%
LG ELECTRONICS INC. -1.19% 125000 End-of-day quote.-7.41%
MILITARY COMMERCIAL JOINT STOCK BANK 0.00% 28200 End-of-day quote.65.52%
PUSAN CAST IRON CO., LTD. 0.00% 669 End-of-day quote.-6.95%
VINGROUP JOINT STOCK COMPANY -0.11% 92300 End-of-day quote.-4.03%
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Analyst Recommendations on HANA FINANCIAL GROUP INC.
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Financials
Sales 2021 9 092 B 7,74 B 7,74 B
Net income 2021 3 168 B 2,70 B 2,70 B
Net Debt 2021 - - -
P/E ratio 2021 4,26x
Yield 2021 6,02%
Capitalization 13 281 B 11 296 M 11 302 M
Capi. / Sales 2021 1,46x
Capi. / Sales 2022 1,39x
Nbr of Employees 100
Free-Float 96,1%
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Hana Financial Group Inc. Technical Analysis Chart | A086790 | KR7086790003 | MarketScreener
Technical analysis trends HANA FINANCIAL GROUP INC.
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Income Statement Evolution
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Mean consensus BUY
Number of Analysts 26
Last Close Price 45 550,00 KRW
Average target price 59 957,69 KRW
Spread / Average Target 31,6%
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Managers and Directors
Jung-Tai Kim Co-Chairman & Chief Executive Officer
Hui-Dae Kim Group Compliance Officer
Seong-Bok Yoon Independent Director
Won-Goo Park Independent Director
Eun-Young Cha Independent Director
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