Next Hana Bank President Park Seong-ho Faces Management Test... Will He Emerge as a 'Dark Horse'?

Rapid Rise in Group Standing Within Two Weeks
Attention Expected to Focus on Future Performance

[Asia Economy Reporter Kiho Sung] Hana Financial Group has selected Park Seong-ho, Vice President of the Digital Retail Group, as the head of Hana Bank. In the financial sector, the prevailing analysis is that through this appointment, Park has emerged as a leading candidate for the 'post-Kim Jeong-tae' era. In particular, Park, who was included in the shortlist for the next chairman and subsequently chosen as the next Hana Bank president candidate, is regarded as a central figure in the 'generation change.' Depending on the legal risk situations of other prominent candidates, Park could emerge as a strong dark horse in the next chairman competition, drawing significant attention to his moves.

According to the financial sector on the 27th, Hana Financial held an Executive Recommendation Committee (ERC) meeting on the 25th, recommending multiple candidates including Park and Lee Seung-yeol, Vice President of Hana Bank. On the same day, the Hana Bank ERC recommended Park as the sole candidate. Park is expected to be appointed after the board meeting and the regular shareholders' meeting next month.

Hana Financial evaluated him as "the best fit to inject new vitality into the organization based on his extensive experience and outstanding insight in the increasingly important fields of digital, global, and asset management in the rapidly changing financial market."

Park, a 'traditional Hana man,' was born in 1964, graduated from Seoul National University with a degree in Business Administration, and joined Korea Investment Finance, the predecessor of Hana Bank. He has served as head of Hana Bank’s Indonesia branch, Vice President of the Asset Management Group, and President of Hana Financial TI. He is recognized as an expert encompassing strategy, sales, digital, and overseas business. Notably, he served as the head of the Management Support Office, equivalent to the chairman’s secretary, maintaining a close relationship with Chairman Kim Jeong-tae, which is known to facilitate smooth cooperation.

Park attracted significant attention in the financial sector by making the final list over Lee Jin-guk, Vice Chairman of Hana Financial, and Ji Seong-gyu, President of Hana Bank, at the chairman reappointment committee where Kim’s reappointment was decided. Park is regarded as a figure who has steadily accumulated CEO experience internally by leading Hana Bank Indonesia and Hana Financial TI. However, he has not been very visible externally. This has sparked interest in the rapid rise of his position within the group, from inclusion in the next chairman shortlist to appointment as bank president within just two weeks.

Impressive Success in Digital-Related Projects... Rich Overseas Experience

Park is evaluated as a figure who possesses capabilities in both digital and global sectors, which are future growth engines for banks. He has a track record of successfully leading large-scale digital projects one after another. First, in 2015, during the merger of Hana and Korea Exchange Bank, he served as the head of the integration task force and successfully completed the delayed merger process. Subsequently, in 2016, as President of Hana Financial TI (formerly Hana I&S), he successfully completed the IT system integration of Hana Bank and Korea Exchange Bank. Additionally, in 2017, he led the construction of the group’s integrated data center in Incheon Cheongna International City, the first of its kind in the domestic financial sector.

With Park’s rising position within the group, there is speculation that the succession landscape for the next Hana Financial chairman may also change. Chairman Kim recently succeeded in his reappointment and will lead Hana Financial for one more year. Therefore, the chairman nomination committee of Hana Financial will need to select the next chairman candidate again within a year.

Meanwhile, on the 25th, the ERC also announced candidates for the next CEOs of Hana Financial Investment, Hana Card, Hana Capital, and Hana Savings Bank. Vice Chairman Lee Eun-hyung, who oversees the group’s global business, will take the helm at Hana Financial Investment. Born in 1974, if confirmed through the board and regular shareholders’ meetings, Lee will become the youngest CEO in the securities industry.

Current CEOs Jang Kyung-hoon of Hana Card, Yoon Kyu-sun of Hana Capital, and Oh Hwa-kyung of Hana Savings Bank were recommended as CEO candidates based on their solid management performance, making their reappointments possible.