KEB Hana Bank signs US$200m investment deal with CM International Holding

[THE INVESTOR]  KEB Hana Bank has sealed an investment deal worth US$200 million with CM International Holding, an arm of China Minsheng Investment, the South Korean lender said on Aug. 29.

Singapore-based CM International Holding is preparing to tap into the Chinese insurance market after acquiring the entire stake in global reinsurer Sirius International Insurance Group for about US$2.2 billion in 2015. 

Headquarters of KEB Hana Bank in downtown Seoul

KEB expects an average return of 12 percent to 13 percent annually through the investment.

“We plan to achieve our growth target by entering overseas non-banking markets which create higher growth and profit margin than the banking sector,” an official at KEB said.

By Park Han-na (hnpark@heraldcorp.com)