Two of Korea’s largest law firms, Bae Kim & Lee (BKL) and Kim & Chang, have played key roles in Hana Bank’s acquisition of its smaller rival Korea Exchange Bank (KEB).
The US$4.1bn deal will make Hana the country’s third biggest bank behind KB Financial and state-owned Woori.
Hana tapped BKL for legal advice on the deal, while Kim & Chang was retained by Lone Star – the US-based private equity group that holds a 51% stake in the bank.
Both firms have been regular advisers to their respective clients over the past few years. In 2006, Hana turned to BKL for legal advice on its first attempt to acquire KEB. On this occasion, Hana was trumped by a Lone Star bid advised on by Kim & Chang.
In 2007, Kim & Chang was again called on by the fund for advice in relation to its US$6.7bn acquisition of Kookmin Bank. In 2009, Hana used BKL for advice on its US$6bn global medium term note program. At the time, the issue was the first foreign currency-denominated debt issuance to be guaranteed by the Republic of Korea. ALB
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