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Non-Tech : Goldman Sachs Group Inc. NYSE:GS
GS 787.57-0.7%3:59 PM EST
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From: Don Green10/4/2005 7:42:13 PM
   of 411
 
Goldman Sachs to Buy 9.5% Stake
In Hana Bank Holding Company

U.S. Company's Investment
Of as Much as $550 Million
May Help Lender Expand
By LAURA SANTINI
Staff Reporter of THE WALL STREET JOURNAL
October 4, 2005; Page C4

Goldman Sachs Group Inc. said its private-equity arm will invest between $500 million and $550 million in a 9.5% stake in a holding company for Hana Bank of South Korea, in a deal that could help Hana Bank expand through a possible acquisition.

The purchase will leave Goldman Sachs as the newly created holding company's largest single shareholder, the U.S.-based investment bank said.

Hana Bank Chief Executive Kim Jong Yeal said the deal would strengthen Hana Bank's capital base, and the two financial institutions will be "exploring business opportunities together."

Analysts and executives at other private-equity firms said the deal could lay the groundwork for an acquisition that would allow Hana Bank to grow and to expand into other businesses besides lending. Hana Bank is South Korea's fourth-largest lender in terms of assets.

"We cannot ignore the possibility that Hana Bank might bid for a local bank," said Jae Min Kwon, an analyst covering Korean credit at Standard & Poor's Ratings Services. The Goldman Sachs investment gives Hana Bank the cash to carry out a takeover that, if attempted alone, would likely deplete the bank's capital, Mr. Kwon said.
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