Regulator speeds 1st approval of Hana-KEB proposed merger

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Regulator speeds 1st approval of Hana-KEB proposed merger

The Financial Services Commission gave preliminary approval to a merger of Hana Bank and Korea Exchange Bank on Wednesday. The approval came nine days after Hana submitted the review of the merger to the financial authority. The FSC said the review was short because it had already done a review in January when Hana submitted its first application.

Hana will ask shareholders to approve the merger early next month and then ask the commission for its final consent. The preliminary review is intended only to discover legal bars to a merger. The final review will look into the details, including the governance structure and the competence of executives.

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