Hana Financial, UBS end JV AMC in Korea
[THE INVESTOR] Swiss bank UBS will sell its entire stake in an asset management company jointly operated with Hana Financial Group for 10 years, both sides said on Sept. 8.
UBS has signed a contract to sell its 51 percent stake in Hana UBS Asset Management to a subsidiary of Hana Financial.
If the transaction is completed, Hana Financial will hold a 100 percent stake in Hana UBS Asset Management and the entity will be renamed, the Korean firm said in a statement.
In 2007, UBS purchased the stake of Daehan Investment Trust Management, which was owned by Hana Financial, to make inroads into Korea’s wealth management market.
By Alex Lee and newswires (firstname.lastname@example.org)