Hana purchased Korea Exchange Bank from Lone Star Funds and Export Import Bank of Korea, allowing Hana to narrow a gap with rivals and the US fund to exit the investment after eight years.

The payment of US$3.9 billion, which was pending for more than one year, has been completed.

For Hana chairman Kim Seung Yu, the transaction ends more than a year of legal and regulatory delays and also gives his bank operations abroad to compete with KB Financial Group Inc. and Woori Finance Holdings Co.

Post-acquisition, Hana will appoint vice chairman Yun Yong Ro as the CEO of KEB and will appoint board members recommended by Hana. Further, Hana will also start a task force for smooth integration of KEB while keeping its operation separate from the existing Hana Bank unit.

Hana also added that KEB will operate as a separate entity and maintain its name in the coming years, but didn’t elaborate on the details.