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KEB Hana Bank invests US$200 mln in CM International Holding

All Headlines 15:16 August 29, 2016

SEOUL, Aug. 29 (Yonhap) -- KEB Hana Bank, South Korea's largest bank by assets, said Monday that it has invested US$200 million in new shares of CM International Holding Pte. Ltd. in the latest move to make inroads into foreign markets.

Still, KEB Hana Bank declined to provide its stake ownership in the Singapore-based investment holding company, a subsidiary of China Minsheng Investment Co Ltd., citing the confidential nature of the deal.

The investment ceremony was held in Hong Kong earlier in the day.

The South Korean bank views its investment as an opportunity to indirectly enter the Chinese reinsurance market and share the growth of the Chinese reinsurance market.

In April, CM International Holding Pte. Ltd. acquired 100 percent of reinsurer Sirius International Insurance Group Ltd.

KEB Hana Bank said its investment is the latest in a series of moves to raise the ratio of its overseas earnings to 40 percent by 2025.

entropy@yna.co.kr
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