KCGI, a private equity firm, is expected to appoint Kim Byeong-cheol, vice chairman of KCGI Asset Management, as the new head of Hanyang Securities.
According to the financial investment industry on the 18th, Hanyang Securities plans to officially appoint Kim as the new CEO through its board of directors. Kim was previously appointed as a conditional inside director during the regular shareholders' meeting in March.
The Financial Services Commission approved the change of major shareholders at Hanyang Securities on the 11th, allowing KCGI's acquisition to take place. KCGI acquired a 29.59% equity stake in Hanyang Securities from Hanyang Foundation for 220.3 billion won, becoming the largest shareholder.
The new CEO Kim graduated from Seoul National University with a degree in economics and entered the securities industry in 1989 at Tongyang Securities (now Yuanta Securities Korea). He held positions as head of the bond management team and the head of investment banking, gaining a reputation as a "bond expert." In 2012, he moved to Shinhan Investment Corp and took over as CEO in 2018, six years after joining. In 2023, he was appointed as vice chairman and CEO of KCGI Asset Management.
The name of Hanyang Securities is also expected to be changed to "KCGI Securities." However, as a resolution from the shareholders' meeting is needed, it may take some time.
Im Jae-taek, the current representative of Hanyang Securities, is expected to step down as an advisor.
As Kim moves to Hanyang Securities, KCGI Asset Management will also undergo a restructuring. Mok Dae-kyun will oversee operations, while Cho Won-bok will be in charge of management and marketing, transitioning to a co-CEO system.