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Hana-KorAm Bank merger might break down

Posted December. 21, 2000 19:37,   


Hana Bank president Kim Seung-Yu announced Thursday that he would seek another deal if the Carlyle-JP Morgan consortium, major shareholder of KorAm Bank, doesn¡¯t voice its position on the merger by the end of the year. Kim's remarks were interpreted as a hint of the possibility of a breakdown in the proposed merger with KorAm Bank.

He also said in a press conference that Hana Bank had discussed the merger after signing a strategic alliance with KorAm Bank on Jun. 28, but that no progress was made.

¡°We should not cause any losses to our stockholders and clients as we wait for the decision on KorAm Bank," Kim said. ¡°Carlyle didn¡¯t even ask for a business survey, a prerequisite for the merger, and we cannot wait indefinitely.¡±

He added that he still thinks KorAm Bank is an optimal merger partner.

A source at KorAm Bank said it would be difficult to expect any initiative from Carlyle by year-end.

Park Hyeon-Jin witness@donga.com