Will Hana chairman step down?

Hana Financial Group Chairman Kim Jung-tai attends a meeting with Financial Supervisory Service Governor Jeong Eun-bo in Seoul, Nov. 3. Joint Press Corps-Yonhap

By Lee Min-hyung

With the year-end reshuffle of top management coming around the corner, Korea's financial circle is paying attention to whether Hana Financial Group Chairman Kim Jung-tai will be voted in again or have to step down from the top position as he approaches a decade of leadership there.

Kim took office as the chairman of the financial holding firm in 2012, and set a record as the top executive by exuding leadership for the longest period of time among leaders in the nation's financial industry.

Given his age of 69, critics have argued that he is unlikely to continue his career at the company. Kim also recently expressed his intention to step down from the post during a recent meeting with reporters.

But as Hana Financial Group has yet to share a shortlist for the chairmanship, it still remains to be seen whether his term will be extended once again after his current tenure ends in March 2022.

Three executives from Hana ― the group's Vice Chairmen Ham Young-joo, Ji Sung-kyoo and Hana Bank CEO Park Sung-ho ― are expected to be placed on the shortlist if the incumbent leader confirms his retirement.

Among them, Ham is considered the strongest candidate for the position because of his vast and diverse career within the group. He led Hana Bank for three years and six months up until March 2019.

Given his proven expertise in organizing the group, many industry insiders expect him to be promoted next year.

Top management of other financial holding firms are also preparing for year-end executive reshuffles.

KB Kookmin Bank CEO Hur Yin is widely expected to extend his term once again and succeed in retaining control of the banking arm of the nation's largest financial holding company by market capitalization.

Hur is recognized for stably leading the bank despite the uncertainties posed by the pandemic. KB Kookmin Bank posted a cumulative net profit of 2.2 trillion won for the first three quarters of this year combined, solidifying its leadership in the banking industry.

The term of Woori Bank CEO Kwon Kwang-seok also expires as of the end of March 2022. Kwon has led the banking affiliate of Woori Financial Group for two years. One of his top achievements included the lender's record earnings growth.

Woori Bank's cumulative net profit for the first nine months of this year surged 70.9 percent to 1.99 trillion won from the previous year. This was driven by an increased interest margin, but Kwon's stable corporate management also helped lead the lender's outstanding growth. This is the largest rate of growth displayed by the nation's top five commercial lenders.