Hana Bank president Kim Jong-jun said on Thursday that he would resign next month as the bank’s merger with the Korea Exchange Bank is imminent.

Kim had vowed to step down when Hana’s plan to merge with KEB was finalized, adding that he would fulfill his commitments as the bank president regardless of the decision.

“I’ve decided to step down for the company’s development in a timely manner for Hana and KEB’s joint board meeting for the merger,” Kim said in a statement.

“I hope executives from both banks make their utmost efforts to make the merged bank a leading bank in South Korean and in Asia.”

The president has been under pressure from the financial authorities since April, when he was issued with a heavy penalty for making improper investments in 2011. It had been widely speculated that he would step down voluntarily, as penalized CEOs in similar situations had in the past.

Hana Financial Group was initially planning to ask for the FSC’s approval to integrate the banking units but delayed in order to conduct further negotiations with the KEB union.

(monicasuk@heraldcorp.com)



To avoid leaving a leadership vacuum, the bank appointed Hana Bank deputy president Kim Byoung-ho to fill the position.

Hana Financial Group was initially planning to ask for the FSC’s approval to integrate the banking units but delayed in order to conduct further negotiations with the KEB union.

(monicasuk@heraldcorp.com)