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S Korea's Hana Bank to invest in China's Bank of Jilin

(Xinhua)
Updated: 2009-09-07 14:49

South Korea's fourth-largest lender, Hana Bank, on Monday announced it will purchase an 18.44 percent stake in China's Bank of Jilin later this month.

Hana Bank will buy newly-issued shares of the Bank of Jilin worth $316 million, the bank said.

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Hana's recent purchase comes a year after it reached an agreement with the Bank of Jilin pertinent to stock transaction as Hana sought to expand its overseas operations.

"After completing the purchase of the stake, we will aggressively tap the Chinese market in alliance with our Chinese unit launched in late 2007," Hana said.