KEB move to raise $168m from Hana block dropped

Korea Exchange Bank’s KEB effort to sell 4.35 million shares in Hana Financial Group and raise $168 million in a block trade fell through on Wednesday night, according to a banker close to the deal.

Shares were initially offered between 40,937 won to 41,350 won $38.23 to $38.62 when books opened, a tight zero to 1% discount to the last close of 41,340 won on March 5, according to a term sheet.

“It was decided not to proceed with the deal. There was enough demand to cover the book and the entire deal could have been allocated,” the banker told FinanceAsia on Thursday morning.