Korean Bank Plots HMM Takeover


Hyundai Merchant Marine (HMM) is set to be overtaken by a subsidiary of the Korea Development Bank (KDB), with the bank planning to implement a new leadership plan by hiring a foreign CEO, according to The Korea Herald.

An unnamed KDB official said: “A CEO-recommendation committee is to launch soon, comprising representatives of various related parties.”

The official added that the hiring process is due to start as soon as the change in ownership has been completed.

PTI previously reported that HMM had signed a Memorandum of Understanding with 2M’s Maersk and MSC in a bid to share vessels and provide a joint service.

The signing is effectively a binding agreement and allows HMM to join an alliance which is anticipated to be called ‘H2M’.

This decision comes at a critical time for HMM, who has recently been struggling with debt, but is now set to improve its financial situation and compete with other larger alliances.

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