M&A

21 November, 2009

South Korea Hana Fin sees 2009 net above market forecast

SEOUL, Nov 22 (Reuters) - Hana Financial Group (086790.KS), South Korea's No. 4 banking group, expects its 2009 net profit at 300 billion-350 billion won ($259 million-$302 million) and will grow aggressively in China and Indonesia, its executives said.

"This year's net profit will top 300 billion won," the group Chairman Kim Seung-yu told reporters on Friday, under embargo until Sunday noon.

"We will make active investment in China and expand in Indonesia next year. We will be aggressive next year," he said, adding that International Finance Corporation (IFC), a member of the World Bank Group, owned a 19 percent stake in its Indonesian operations as a strategic partner.

Kim Jong-yeol, Hana Financial's chief executive, added that this year's net profit would come in between 300 billion and 350 billion won, and the group was planning to buy a medium-sized Indonesian bank. He did not elaborate on acquisition targets.

Hana's forecast is above a consensus forecast for 282.2 billion won from analysts surveyed by Thomson Reuters I/B/E/S.

Chairman Kim said the group could look at Korea Exchange Bank (004940.KS), the country's No. 6 lender, for an acquisition, in which U.S. private equity house Lone Star [LS.UL] is believed to restart the sale soon. ($1=1157.9 Won)

(Reporting by Kim Yeon-hee; Editing by David Fox)

((yeonhee.kim@thomsonreuters.com; +82 2 3704 5646; Reuters Messaging: yeonhee.kim.reuters.com@reuters.net))

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Source: http://www.reuters.com