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Klane Sees Challenges for South Korean Banks
After enduring its first quarterly loss since 2003, Korea Exchange Bank returned to profit in the second quarter of 2009 under the guidance of Larry Klane, MBA '87, who became president and CEO of South Korea's sixth largest lender in April. Although he expected a solid third quarter for the bank, Korea's economic environment is "not out of the woods yet," Klane told Bloomberg TV in September. Complicating matters for KEb and other banks in the country, Korea's Financial Supervisory Service is requiring lenders to ensure that nonperforming loans make up less than 1% of outstanding credit by year's end compared to the 1.5% average at the end of June. Klane called the new limit "a very ambitious target … one we and other banks will certainly do our best to achieve." However, he added, "All of that creates, I think, a lot of uncertainty in the credit picture."