The German group ALLIANZ (net profits of EUR 2.2 billion in 1999) will be acquiring a 12.5% stake in the South Korean bank HANA (balance sheet total of USD 30 billion with a workforce of 3,300) for 177 billion wons (EUR 157 million), becoming majority shareholder. As part of this operation, the two partners will create a joint venture active in asset management in South Korea.