Ex-IBK president recommended to head KEB

Yun Yong-ro, ex-president of the Industrial Bank of Korea, has been recommended to head KEB, a Hana Financial spokesman said.

Hana Financial's executive recommendation committee made the recommendation.

The choice is seen to win approval from Lone Star Funds, the biggest Korea Exchange Bank stakeholder, at KEB's board meeting scheduled for March 11 or 12, he said. Lone Star is expected to approve Yun because the regulatory go-ahead that allows Hana Financial to become the biggest shareholder of KEB is expected to come later than the KEB shareholders meeting, according to financial sources.

If Yun receives the final nod at the KEB's annual shareholders meeting slated for March 29, he will replace Larry Klane who has headed the KEB since 2009, Hana Financial said.

Hana Financial has only to win the financial regulator's approval for the transaction to officially become the owner of the fifth-largest lender in South Korea.

Yun served posts at the finance ministry and the financial watchdog before heading the IBK between 2007 and 2010.

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