Hana Financial Group was established as Hana Bank's transition to a holding company. In 2005, Hana Bank was delisted and incorporated into Hana Financial Group as a subsidiary. In 2005, Hana Financial Group acquired Daehan Investment and Securities, then Korea's second-largest asset management company. In 2012, Hana Financial Group acquired a 51.02 percent stake in Korea Exchange Bank (KEB) from Lone Star Funds for KRW 2.02 trillion.[4] Due to opposition from the KEB labor union, the merger between KEB and Hana Bank was delayed until 2015, and the two banks operated independently under the Hana Financial Group umbrella.