July 13, 2015 / 12:32 AM / 5 years ago

S.Korea's Hana Bank and Korea Exchange Bank to merge

SEOUL, July 13 (Reuters) - South Korea’s Hana Financial Group Inc, Korea Exchange Bank (KEB) and the labour union of KEB has agreed on terms of a merger between South Korea’s fourth-largest bank by assets Hana Bank and Korea Exchange Bank, the group said in a regulatory filing on Monday.

Hana Financial Group had acquired Korea Exchange Bank from U.S. private equity firm Lone Star for about 3.9 trillion won in 2012, and had been engaged in protracted talks with the latter bank’s union after announcing a plan to merge Hana Bank and KEB last year.

Reporting by Joyce Lee; Editing by Michael Perry

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