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11 June 2023

Temasek may sell stake in Merrill to Hana

By Agencies


Singapore's Temasek Holdings may sell a small stake in Merrill Lynch to South Korea's Hana Financial Group, but a final decision is yet to be made, a source close to the deal told Reuters on Monday.

"Hana is looking to buy a stake in Merrill from Temasek," said the Singapore-based source, who was briefed on the deal.

A Hana spokesman said on Monday it was considering buying shares in Merrill Lynch but nothing in detail was determined.

Maeil Business Newspaper reported on Monday that Hana Financial, South Korea's No. 4 financial services firm, will buy $50 million worth of Merrill Lynch shares through its banking unit.

Temasek declined to comment on the report.

Late last year Temasek, a Singapore state fund and a major shareholder in Hana Financial, bought $4.4 billion worth of Merrill shares at $48 a share as the US brokerage, hit by subprime mortgage losses, sought to raise capital.

Temasek and Goldman Sachs are top shareholders in Hana Financial with a combined 19 per cent. (Reuters)