Korea’s financial regulator said on Dec. 21 it has halted its screening procedure for Hana Financial Group’s deal to buy a stake in its joint venture with Swiss bank UBS.
UBS signed a contract in September to sell its 51 percent stake in Hana UBS Asset Management to a subsidiary of Hana Financial, a deal that would end their 10-year partnership in Korea.
The Financial Services Commission had begun its screening procedure to determine if Hana Financial is eligible to become the top shareholder of Hana UBS Asset Management.
In a statement, the FSC said it decided to suspend the review process because Hana Financial has been under a probe by prosecutors for allegedly violating a banking law.
The FSC said it will resume the screening once the relevant matter is resolved.
By Alex Lee and newswires (firstname.lastname@example.org