Looking at an imminent merger, the two flagship banks of Hana Financial Group respectively held extraordinary shareholders’ meetings Friday to approve the merger agreement and the consequent revisions of their articles of association.

The name of the incoming bank will be KEB-Hana Bank, as KEB will be the embracing body, while Hana Bank will be folded in and cease to exist.

Hana Financial Group chairman Kim Jung-tae and Hana Bank president Kim Byoung-ho were added to KEB’s board of directors, where KEB president Kim Han-jo is already a member. The new board is to establish a nomination committee and elect a president within the month.

Based on the day‘s agreement, the banking group will submit a final application to the Financial Services Commission next week, asking for approval. Should the plan pass the FSC regular meeting at month’s end, KEB-Hana Bank will kick off as planned on Sept. 1.

(tellme@heraldcorp.com)