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Hana Financial CEO to quit

Kim Jong-yeol
Kim Jong-yeol
Hana Financial Group president & CEO Kim Jong-yeol expressed his intent to resign on Wednesday, even though his term was not to expire until the end of February.

The sudden resignation of the group’s No. 2 figure is drawing interest as the financial group has been striving to acquire Korea Exchange Bank from Lone Star Funds.

Kim was quoted by a news provider as saying that he “does not want to be a hurdle for the realization of the KEB takeover deal.”

There is a possibility that the relations between himself and KEB’s unionized workers will be unfavorable after a merger, Kim reportedly said.

The CEO had played a significant role in Hana Financial’s absorbing Seoul Bank and Boram Bank.

Last year, the Financial Supervisory Service reprimanded Kim Jong-yeol and Hana Financial’s banking unit for irregularities on Wednesday.

The regulator issued a “caution” against Kim, who had served for Hana Bank chief, for being careless about the bank’s investment in U.S. stocks and bonds in 2008.

The group is scheduled to fill the vacant seat by holding a meeting of board members in February and a meeting of shareholders in March.

By Kim Yon-se (kys@heraldcorp.com)
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