South Korea’s commercial lender KEB Hana Bank said its executive nomination committee decided to renew the two-year term of its incumbent CEO Ham Young-joo.

Ham’s second term still requires approval at the bank’s shareholders meeting in late March. 

Ham became the first CEO and president of the bank in September 2015, after Hana Bank and Korea Exchange Bank merged. His term was to expire at the end of March.

The bank attributed Ham’s nomination to his leadership in integrating the two banks and his contribution to the bank’s improved earnings.

“As the bank enters a third year of the integration, he was considered the most suitable person to stabilize the company and maximize synergy,” the bank said in a statement.

Since taking office as CEO, Ham integrated the electronic systems of the two former banks and supported the launch of an integrated labor union.

KEB Hana Bank’s net profit jumped 32 percent on-year to hit 1.38 trillion won as of the end of 2016.

Meanwhile, the executive nomination committee of Hana Financial Group, the bank’s parent company, extended the term of Chung Soo-jin, CEO of KEB Hana Card, and nominated former KEB Hana Bank’s vice president Yoon Kyu-seon as the next CEO of consumer finance firm Hana Capital.

The group’s executive nomination committee consists of Hana Financial Group Chairman Kim Jung-tai, board chair Yoon Jong-nam and two outside directors.

Chung and Yoon will also officially take office on approval at the upcoming general shareholders meeting.

By Kim Yoon-mi (yoonmi@heraldcorp.com)