Donggeol Lee, Chairman of KDB, Visits Asiana Airlines on First Day of Reappointment

M&A Collapse... Will They Show Determination to Restore Management?

[Image source=Yonhap News]

[Asia Economy Reporter Yoo Je-hoon] Lee Dong-geol, Chairman of KDB Industrial Bank, will visit Asiana Airlines on the first day of his reappointment.

According to the aviation industry on the 11th, Chairman Lee is expected to visit the headquarters of Asiana Airlines in Osoe-dong, Gangseo-gu, Seoul, in the afternoon. This is the first official visit to the company by Chairman Lee since the Asiana Airlines merger and acquisition (M&A) process began last year.

The day Chairman Lee visits Asiana Airlines marks both the start of his second term as chairman of KDB Industrial Bank and the day the government discussed the injection of the Corporate Stability Support Fund (Gian Fund) for Asiana Airlines and the creditor group's management policy.

With the M&A with HDC Hyundai Development Company falling through and creditor group management becoming certain, there is an interpretation that Chairman Lee’s visit to Asiana Airlines on the first day of his reappointment is intended to emphasize his commitment to business normalization and restructuring under creditor group management following the 'no deal' declaration.

Meanwhile, Chairman Lee began his second term as the 39th chairman of KDB Industrial Bank on the same day. In a letter sent to all employees, he identified the main tasks for his second term as ▲innovation-driven growth ▲restructuring ▲organizational change and innovation.