South Korea's Financial Services Commission suspended its review of Hana Financial Group Inc.'s proposed acquisition of UBS Group AG's 51% stake in their asset management joint venture, Yonhap News Agency reported Dec. 21, citing a statement from the regulator.
The Financial Services Commission said it made the decision because prosecutors are probing Hana Financial's alleged violation of a banking law. The regulator will resume the review process once the probe is resolved.
If completed, the proposed deal will allow Hana Financial to raise its stake in UBS Hana Asset Management Co. Ltd. to 100%.
