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MarketScreener Homepage  >  Equities  >  KOREA EXCHANGE  >  Hana Financial Group Inc    A086790   KR7086790003

HANA FINANCIAL GROUP INC

(A086790)
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South Korea's Hana Bank to buy 15% stake in Vietnam's BIDV for around $850 million

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07/22/2019 | 06:46am EST

SEOUL (Reuters) - South Korea's Hana Bank has agreed to buy a 15% stake in the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) for 1 trillion won ($850 million), its parent Hana Financial Group said on Monday.

BIDV, Vietnam's second-largest listed bank with a market capitalization of $5.26 billion, said it will issue 603.3 million new shares for the stake sale. It pegged the deal value at 20.295 trillion dong ($874 million).

The stake sale is the latest large investment by a South Korean firm in the Southeast Asian country, after conglomerate SK Group in May agreed to buy a 6.1% of Vietnam's largest firm, Vingroup JSC, for $1 billion.

Vietnam caps foreign ownership in local banks at 30%, but has allowed some overseas banks to open wholly-owned units.

Hana Financial said in a regulatory filing the purchase of the BIDV stake will facilitate its entry into the Vietnamese market and secure sources for its mid- to long-term growth.

Vietnamese banks need as much as $20 billion in the run-up to the adoption of Basel II standards, scheduled for Jan. 1, 2020, Fitch Ratings said in a note last week.

Vietnam's Military Commercial Joint Stock Bank said last week it was seeking to sell a 7.5% stake to one or more foreign investors this year.

South Korea is the largest source of foreign direct investment in Vietnam, which has over recent years become a production base for several companies such as Samsung Electronics and LG Electronics Inc .

($1 = 1,176.27 won)

($1 = 23,217 dong)

(Reporting by Ju-min Park and Khanh Vu; Editing by Muralikumar Anantharaman and Himani Sarkar)

By Ju-min Park and Khanh Vu

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Financials (KRW)
Sales 2019 7 823 B
EBIT 2019 3 748 B
Net income 2019 2 452 B
Debt 2019 -
Yield 2019 6,32%
P/E ratio 2019 4,07x
P/E ratio 2020 4,31x
Capi. / Sales2019 1 268x
Capi. / Sales2020 1 242x
Capitalization 9 923 B
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 45 253,57  KRW
Last Close Price 33 050,00  KRW
Spread / Highest target 60,4%
Spread / Average Target 36,9%
Spread / Lowest Target -3,18%
EPS Revisions
Managers
NameTitle
Jung-Tai Kim Co-Chairman & Chief Executive Officer
Seong-Bok Yoon Co-Chairman
Seung-Yeol Lee Vice President-Group Finance
Won-Goo Park Independent Director
Young-Joo Ham Vice Chairman & Executive Vice President
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