Hanmi Financial, the holding company of Hanmi Bank, has received an initial investment of USD6.9m from a Korean investor following consultation with the Federal Reserve Board.
Hanmi Financial, the holding company of Hanmi Bank, has received an initial investment of USD6.9m from a Korean investor following consultation with the Federal Reserve Board.
On 12 June 2009, Hanmi entered into a definitive securities purchase agreement – subsequently amended on 31 July- with Leading Investment & Securities, a Korean securities broker-dealer, whereby Leading committed to invest up to USD11m in common equity capital in Hanmi.
"We are pleased to have received the initial USD6.9m and we look forward to receiving the balance of USD4.1m following the applicable regulatory approvals," says Jay S. Yoo (pictured), president and chief executive officer of Hanmi. "When completed, Leading’s investment will augment Hanmi’s capital reserves and, in conjunction with our program to deleverage the balance sheet, will enhance our ability to weather the current recession and emerge well-positioned to take advantage of opportunities as the economy recovers."
Hanmi is also in active negotiations with certain Korean institutional investors relating to a larger equity capital infusion.
