Hana Financial chief offers to step down

The president of Hana Financial Group Inc., South Korea's fourth-largest banking group, offered to resign on Wednesday as the group was preparing to complete its acquisition of Korea Exchange Bank (KEB). "The integration and union of the two organizations will emerge as the most important task if (Hana Financial) takes over KEB," Hana Financial President and Chief Executive Officer Kim Jong-yeol told Yonhap News Agency. "I will sacrifice myself for the good cause." Kim said he had been considering stepping down since the beginning of the year on concerns his hard-line image could dent the consolidation of the two financial companies. Kim's move comes as Hana Financial is waiting for regulatory approval of its 3.92 trillion won (US$3.39 billion) deal with Lone Star Funds to buy a controlling stake in the country's fifth-largest lender. Hana Financial, headed by chairman Kim Seung-yu, is expected to appoint Kim's successor via a board meeting in February and a shareholders meeting in March.