Hana Financial names new CEO of KEB Hana Bank

Hana Financial Group Inc., South Korea's third-largest banking group, said Monday that it nominated a retail banking expert as the first president of its new integrated bank unit set to be launched next week.

The move came after the financial regulator gave its final nod for the integration of Hana Financial's two bank units, Hana Bank and Korea Exchange Bank, last week. The integrated bank, named KEB Hana Bank, is scheduled to set sail on Sept. 1.

Ham Young-joo, a vice president of Hana Bank, was nominated as the first head of KEB Hana Bank, the country's biggest bank by asset, Hana Financial said in a statement.

The 59-year-old started his banking career at Seoul Bank, a predecessor of Hana Bank, in 1980 and has amassed over 35 years of experience in the consumer banking business.

"I'll do my best to fully unite the two institutions," said Ham in a telephone interview with Yonhap News Agency. "And I'll encourage my employees to develop the bank into a leading bank."

His nomination should win approval from shareholders at a special meeting slated for next Tuesday.

The incumbent heads of Hana Bank, Kim Byoung-ho, and the KEB, Kim Han-jo, will take vice chairmanships at the parent group, it added.

KEB Hana Bank is expected to have combined assets of 290 trillion won ($245 billion), outnumbering rivals Kookmin Bank with 282 trillion won and Shinhan Bank with 260 trillion won as of end-June.

The Hana Bank-KEB merger has been a long-cherished desire of Hana Financial, the third-biggest banking group, since it acquired KEB from U.S. buyout fund Lone Star in 2012. (Yonhap)