Hana Financial Group Inc. has nominated its current chairman to continue leading the country’s fourth-largest financial holding company for another year.
The group’s board of directors made the decision on Wednesday in a bid to successfully finalize its takeover of Korea Exchange Bank, which started under the leadership of Chairman Kim Seung-yu, according to Hana Financial.
The finalization of the bid will mark Chairman Kim’s third term in Hana Financial’s top position following two three-year stints starting from 2005. His current term of office ends this month.
The group has recently decided to renew current executives’ stints only by one year after the first full three-year terms.
The nomination should win approval of shareholders in a meeting scheduled for March 25.
The group also renominated current group president Kim Jong-yeol and Kim Jung-tai, president of its flagship bank unit Hana Bank, in the board meeting.
The decisions to maintain incumbent leaders reflect Hana Financial’s ambition to successfully integrate KEB as its new banking unit.