Hana Bank is the fifth largest bank in South Korea measured in assets (excluding IBK and KDB) and the largest foreign exchange bank in South Korea, providing the largest range of forex products. It is headquartered in Seoul and was founded in 1967.
Korea Exchange Bank was converted into a private U.S. bank in 2003 as part of the general restructuring of the South Korean financial sector following the Asian financial crisis. The equity fund was acquired by Lone Star Funds.
In 2006, Lone Star tried to sell the company to the highest bidder, Kookmin Bank, but the plan was scrapped when it faced scrutiny by South Korean prosecutors and regulators.
In September 2007, HSBC agreed to buy a controlling stake for $6 billion, but the sale was not approved by the South Korean government.
In September 2008, Kookmin Bank and Hana Bank were considered for acquisition of KEB after HSBC failed to acquire the bank in 2007.
In February 2012, Hana Financial Group Inc. completed its $4.4 trillion (equivalent to $4.68 trillion or US$4.14 billion in 2017) purchase of Lone Star Funds and Korea Exchange Bank from Export Import Bank of Korea.
