The Korea Times, 9 Nov 2008, Kim Jae-kyoung
Hana Financial Group, the nation's fourth largest financial holding company, withdrew its attempt to take over Commonwealth Business Bank (CBB), a U.S. bank owned by a Korean-American, the group said Sunday.
A Hana official said that Hana decided to cancel the contract signed in October to purchase a 37.5 percent stake in the Los Angeles-based CBB for $35 million.
The cancellation came as the U.S. Federal Reserve Board (FRB) raised question over Hana's legitimacy as the largest shareholder for CBB as Temasek Holdings, the major shareholder of Hana, is considered non-financial capital. Temasek is an investment company owned by the government of Singapore.
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