SK Telecom invests in Hana credit card subsidiary

SK Telecom, Korea's largest mobile-phone company, will buy 49% of Hana Financial Group's credit card unit for W400 billion $343 million.

Hana Card Company will issue 57.6 million new shares to SK Telecom to make up the 49% stake. Hana Financial Group, Korea's fourth-biggest financial services firm, will continue to own the remaining 51%. Hana Card was first established as the credit card arm of Hana Bank in 1992 and was spun off in November this year.

Over time, the board of directors of Hana Card will be changed to reflect the new equity ownership structure but it is not currently anticipated that there will be any change to the management of Hana Card,...