The future ownership structure of Hana Bank became clearer on Friday after the government-owned Korea Deposit Insurance Corporation KDIC divested its entire 22.23% stake in the bank through an institutional bookbuilt deal led by UBS. The 42.756 million share deal raised $930.2 million and removed a major overhang from Hana, which has the most fragmented shareholding structure of the entire Korean banking sector.
As a result of the deal, Hana now has a freefloat of about 65%. However, about 25% of the remaining share capital is still potentially available for sale. Hana management are sitting on a block of just over 10% in Treasury shares and are said to remain in negotiations...
