RETAIL BANKING | Cesar Tordesillas, Korea

Hana chief offers to step down amid KEB acquisition

The president of Hana Financial Group offered to resign as it prepares to complete its acquisition of Korea Exchange Bank.


"The integration and union of the two organizations will emerge as the most important task if (Hana Financial) takes over KEB," Hana Financial President and CEO Kim Jong-yeol told Yonhap News Agency. "I will sacrifice myself for the good cause."

Kim said he had been considering stepping down since the beginning of the year on concerns his hard-line image could dent the consolidation of the two financial companies.

Hana Financial is expected to appoint Kim's successor via a board meeting in February and a shareholders meeting in March.

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