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Wed, October 4, 2023 | 19:22
Economy
Hana-KEB integration delayed
Posted : 2014-03-20 17:08
Updated : 2014-03-20 17:08
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By Na Jeong-ju

Hana Financial Group is facing a major hurdle in its move to combine its two banking subsidiaries ― Hana Bank and Korea Exchange Bank (KEB) ― before 2017.

After acquiring KEB from U.S. buyout firm Lone Star Funds in early 2012, the group's Chairman Kim Jung-tae promised to maintain the twin-bank system for five years, until 2017, in the face of protests from KEB unionists.

However, it has taken measures to quicken their integration ― Hana completed a share swap last year to own a 100-percent stake in KEB, and made the lender sell its remaining stake in Hana early this month.

The next step is to set up KEB's credit card subsidiary after separating its card division, and ultimately merge it with Hana's card unit, Hana SK Card. The merger of card units is considered a stepping stone for an early integration of the two banking subsidiaries.

Hana initially planned to get approval from the government for the creation of KEB's card unit by March 31, and complete its merger with Hana SK Card as early as next month.

However, regulators say this procedure may take months more.

"We must screen various factors, including assets, financial structures, electronic transaction systems and data storage systems of Hana and KEB before making a regulatory decision," an official from the Financial Supervisory Service (FSS) said. "This usually takes a lot of time ― maybe several months."

The official said the FSS will be able to accelerate the screening process if Hana and KEB provide the requested data quickly.

The comments suggest Hana may have to put off the merger plan for card affiliates. This also raises uncertainty about Hana's plan to achieve an early integration of Hana Bank and KEB.

Last year, KEB's net profit decreased 28 percent from a year ago to 449 billion won. However, the bank decided to double dividend payouts to shareholders.

Now that Hana fully owns KEB, all the dividends will be paid to Hana beginning this year.

"The group already considers Hana and KEB as the same bank," a Hana official said. "There could be a delay in getting regulatory approval for their merger, but that doesn't mean that the twin-bank system will last after 2017."

Emailjj@koreatimes.co.kr Article ListMore articles by this reporter
 
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