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SEPTEMBER 2017

Addendum

Korea Development Bank sells off Asiana shares

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by DOMINIC LALK  

September 1st 2017

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Korea Development Bank (KDB) last month sold its 5.94% investment in South Korea’s second largest carrier, Asiana Airlines, a sale that prompted speculation the buyer was the HNA Group. Read More » Asiana and HNA declined to comment on the divestment.

Asiana has repeatedly said it wanted to increase cooperation with HNA Group carriers. In March, the Mainland conglomerate purchased a minority stake in Asiana parent, Kumho.

Group chairman, Park Sam-koo, met with HNA Group CEO, Adam Tan, last year to identify areas for cooperation. Asiana and HNA have now launched Gate Gourmet Korea. HNA owns Gate Gourmet Switzerland GmbH. Separately, KDB said it would invest UA$130 million in a “One Belt, One Road project, the expansion of Haikou International Airport, the home city of Hainan Airlines, whose parent is the HNA group.

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