Hana picks Yun Yong-ro as KEB CEO

Former Financial Services Commission vice chairman and Securities & Futures Commission chairman will still have to win approval from the board.

Hana Financial Group chose Yun Yong-ro, former CEO of Industrial Bank of Korea, as president & CEO of Korea Exchange Bank, company officials said Monday.

The nation’s fourth-largest financial group is poised to take over KEB and its executive recommendation committee proposed to the group’s board members that Yun head the new banking unit.

The appointment must win approval from KEB’s current largest shareholder Lone Star Funds at the bank’s board meeting, slated for late this week.

Before working at the state-run IBK, the 56-year-old nominee served as vice chairman of the Financial Services Commission and chairman of the Securities & Futures Commission, which is under the wing of the FSC.

Yun is a long-time veteran in finance, beginning his career at the Finance Ministry after passing the High Civil Service Examination in the 1970s.

While serving with IBK, he has been credited for effectively overcoming the difficulties of small- and mid-sized enterprises during the 2008-2009 global financial crisis.

View the full story in Korea Herald.