Hana Bank is to sell its stake in South Korean asset management joint venture HanaAllianz to its partner Allianz AG, the German financial services company. Following the transaction HanaAllianz will become fully controlled by Allianz Global Investors.
Hana Bank and Allianz have signed an agreement stipulating that Allianz will acquire Hana Bank’s 50% stake in the joint venture. The agreement will bring to an end a partnership that has been running since HanaAllianz Investment Trust Management was founded in 2000 by the two companies.
In a statement, Allianz described the move as beneficial to both partners as it means Hana Bank will be able to fully concentrate on managing its recent acquisition, Daehan Investment & Securities, one of the largest asset management companies in Korea. Allianz, meanwhile, will be able to market its products in Korea exclusively under its own brand name.
Joachim Faber, a member of the Allianz board, commented: We have been very satisfied with our partnership with Hana in the last five years during the establishment of our joint asset management company. We respect Hana’s decision to build its own leading position through Daehan. And we look forward to continuing our strong relationship with Hana Bank.