Hana gets the OK to complete merger with affiliate KEBHana Financial Group received the green light from the Korean financial authority to go ahead with its planned merger with affiliate Korea Exchange Bank (KEB).
The Financial Services Commission decided to approve the merger between Hana Bank and KEB on Wednesday.
The approval is the final stage of the merger, which will allow KEB Hana Bank to launch as a mega-bank, with 300 trillion won in assets, on Sept. 1.
According to the Financial Supervisory Service (FSS), the combined assets of Hana and KEB is approximately 299 trillion won. Under the new KEB Hana Bank, there will be 945 branches and more than 15,000 employees.
Kim Byung-ho, Hana Bank President, as well as Kim Han-jo, KEB President, are considered strong candidates to head the new entity.