Hana Card CEO tapped to lead Hana Bank

Woori Bank replaces half of execs, streamlines organization amid internal failure concerns

By Lee Kyung-min

A recommendation committee under the Hana Financial Group shortlisted Hana Card CEO Lee Ho-seoung as the sole candidate to head Hana Bank, the group said Friday. Lee will replace current Hana Bank CEO Lee Seung-lyul, who did not seek a second term so he could focus on his role as the group’s vice chairman.

The candidate has a strong track record in risk management and internal control, the group said, qualities critical to navigate the volatilities and uncertainties heightened in the domestic and global financial markets.

Lee's top priorities of will include customer-centric growth strategies, coupled with experience-backed management of the group's business and internal affairs.

The group’s most lucrative banking subsidiary will be able to generate strong earnings, underpinned by demand-responsive marketing strategies and a corporate culture of optimism, it added.

“Lee has extensive experience and expertise in business strategies,” the group said. “His leadership and focus propelled growth, as illustrated by the successful launch of and subsequent profit from Hana’s Travel Log Card. Similar initiatives are expected to lead the growth of the group.”

Lee was born in 1964. He joined Hana Bank in 1992 and has since held key positions, including as the head of corporate financing.

Sung Young-su, the current vice president at the bank, was recommended to head Hana Card. The corporate financing and foreign exchange expert was born in 1965. He earned his bachelor’s and master’s degrees from Korea University.

The appointment of the two will be finalized after a review by the respective executive candidate recommendation committees of the firm, board meetings and shareholder meetings.

Meanwhile, Woori Bank replaced half of its 23 deputy president-level executives, in a major personnel reshuffle.

It reduced the number of senior executives by five and streamlined its head offices to 17 from 20.

The ages of its key overseas branch heads were lowered, a major revision to the long-standing tradition whereby seniority was essentially the sole factor in appointing the heads of branches in the United States, Vietnam and China.

Woori has elevated its anti-money laundering center and loan inspection department to higher-level bodies, fortifying internal controls and risk management.

The launch of an intragroup oversight body will help strengthen compliance, as outlined by the firm's accountability charts.

Woori Financial Group replaced three out of nine executives, seeking to stabilize the group with competent young leaders.

Hana Financial Group’s net profit in the first three quarters came to 3.22 trillion won ($2.2 billion), including 1.15 trillion won for the July-September period.

Woori Financial’s net income in the third quarter came to 903.6 billion won, up 0.6 percent from the previous year. Its net income in the first nine months amounted to 2.65 trillion won, up 9.1 percent year-on-year.