Hana Financial Group Chairman Kim Jung-tai has been reappointed for a third term despite a conflict with the group`s union and regulators.

The group’s nomination committee said on Monday it chose Kim from a shortlist of three candidates.

Kim garnered the most votes for the position as the committee said he is fully ready to respond to market dynamics, secure growth engines for the future and create synergies among affiliates.

The reappointment is subject to approval at a shareholder meeting to be held in March.

The reappointment of Kim, who has served as chairman since 2012, was highly likely due to his role in spearheading the acquisition of Korea Exchange Bank and the strong performance of affiliates under his leadership.

But he faced major opposition from the group`s hard-nosed union and some government officials for his alleged ties with Choi Soon-sil, confidante of ousted president Park Geun-hye. Financial regulators investigated whether KEB Hana Bank offered unfair loan provisions to a company linked to Choi. The bank was also under probe on allegations that it provided Choi’s daughter with favored loan conditions during her stay in Germany.

But the investigations fizzled out after criticism that the government was overstepping its bounds on the issue of leadership succession at a private company.

Kim was tapped as chairman of Hana Financial Group in 2012 and was reappointed in 2015. Having won the third term, he would be at the helm for another three years.

He would also be the third chairman of a financial holding company in Korea to serve for a third term after Ra Eung-chan, former chairman of Shinhan Financial Group, and Kim Seung-yu, former chairman of Hana Financial Group.

During his final interview before the committee, Kim shared his business strategy for the group to create a healthy and cohesive corporate culture, improve relations between labor and management, and promote social responsibility as a financial institution.

By Kim Jong-hoon and Kim Hyo-jin

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