KEB Hana Bank to Open in South Korea
kpride, Aug. 20, 2015, 6:45 a.m.
A merged Hana and Korea Exchange Bank will open on Sept. 1 after the Financial Services Commission said the merger was finally authorized on Wednesday. The resulting firm, named KEB Hana Bank, will be the biggest bank in Korea.
The merger hit an obstacle in February after a court sided with KEB's labor union to block the deal. But the court accepted an appeal lodged by Hana in June, and labor and management reached agreement last month on key sticking points. That paved the way for the boards and shareholders of the two banks to quickly give the green light to the merger, ending a long struggle since Hana acquired KEB in 2012.