Chairman Dong-geol Lee "Plans to Meet Major Shareholders of Hanjin Kal"

[Asia Economy Reporter Park Sun-mi] Amid delays in the integration process of Korean Air and Asiana Airlines, Lee Dong-gul, Chairman of KDB Industrial Bank, announced plans to meet with major shareholders of Hanjin KAL.

At a press briefing on the 14th, Chairman Lee stated regarding the post-acquisition integration strategy (PMI) of Korean Air's acquisition of Asiana Airlines, "To secure competitiveness, we plan to promote the integration of the three low-cost carriers (LCCs)." He added, "The timing of the integration will be discussed with the company, considering the resolution of the COVID-19 crisis and operational efficiency. It will not be too late."

He further said, "Even just the integration of the IT systems of Korean Air and Asiana Airlines is an enormous and complex task that will take considerable time, but we plan to review and notify by June."

Chairman Lee emphasized that all shareholders should cooperate for monitoring and supervisory evaluations of the company unless there is an unnecessary management dispute, and for this purpose, he plans to meet not only with Hanjin KAL but also with major shareholders going forward.

He said, "I trust Chairman Cho Won-tae's management leadership and the successful merger of Korean Air and Asiana Airlines under his leadership. However, in case of emergencies, other major shareholders of Korean Air may exercise management rights. I believe it is appropriate to impose the same binding conditions on all shareholders to restrain Chairman Cho Won-tae's side. We plan to meet with those holding certain shares, such as KCGI (Kang Sung-bu Fund), former Korean Air Vice President Cho Hyun-ah, and Bando Construction," he added.