KEB's Klane concludes 3-year termThe head of Korea Exchange Bank (KEB), the nation’s No. 5 lender, stepped down after completing his three-year term yesterday, and handed over to his successor the role of completing the deal to sell the bank to a local counterpart.
Larry Klane, the outgoing president of KEB, expressed gratitude to his staff at a farewell ceremony held in central Seoul for embracing a foreign chief “who’s not used to the country,” adding that he did his best to draw a brighter future for KEB despite its financial difficulties.
He drew a rosy picture of KEB’s prospects, mentioning that the bank achieved record quarterly earnings in the second-quarter of last year, and that KEB has the potential to achieve its goal of becoming a leading financial firm in Asia’s fourth-largest economy as well as overseas.
The 50-year-old U.S. financier told reporters after the ceremony how he was “very emotional” about wrapping up his time in Korea, a country he said he has developed special feelings for. His father had worked with Korean firms in the 1970s, and Klane’s own son was born in Seoul.
With his departure, KEB is expected to move forward with the appointment of the new chief executive nominee, Yun Yong-ro, the current vice president, according to the lender.
The bank is awaiting approval from a local court on its application to appoint a provisional director, which is expected to take place soon.
Yun will be spearheading KEB’s sale to Korea’s No. 4 lender, Hana Financial Group, from its U.S. owner Lone Star. Last month, Hana secured approval from the local financial regulator to buy a major stake in KEB from the buyout fund. Yonhap
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