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South Korea's Banking Federation Searches for New Chairman
South Korea's Banking Federation seeks new chairman with $520,000 salary amid ex-bureaucrats' potential return.
In brief
South Korea's Banking Federation seeks new chairman with $520,000 salary amid ex-bureaucrats' potential return. South Korea's Banking Federation will select a new chairman by mid-month from candidates including former KB Financial Group Chairman Yoon Jong-kyoo and former Financial Services Commission Chairman Eun…
South Korea's Banking Federation Launches New Chairman Search
South Korea's Banking Federation begins process to select successor to Chairman Cho Yong-byung, whose term ends this month.
Candidates Include Private Sector and Ex-Bureaucrats
Candidates include former KB Financial Group Chairman Yoon Jong-kyoo and former Financial Services Commission Chairman Eun Sung-soo among others.
Chairman Candidate Committee Structure
The Chairman Candidate Recommendation Committee has 12 board members including bank CEOs and representatives from various banking councils.
Private Sector Figure Yoon Jong-kyoo Leads Contenders
Former KB Financial Group Chairman Yoon Jong-kyoo led the bank for nine years from 2014 to 2023 and acquired multiple insurance subsidiaries.
Former SC First Bank CEO Park Jong-bok Also in Running
Former SC First Bank CEO Park Jong-bok has led the bank for about 10 years and serves as an outside director of Shinhan Financial Group.
Ex-Bureaucrats Yoon Jong-won and Eun Sung-soo Considered
Former IBK Industrial Bank of Korea CEO Yoon Jong-won and former Financial Services Commission Chairman Eun Sung-soo are both from the 27th class of the administrative service examination.
Key Committee Decision Process
The committee will determine the final candidate after two to three meetings, with the next chairman confirmed at a general meeting of member companies.
Compensation and Controversy Over Salary
The chairman position pays an annual salary exceeding 700 million won (approximately $520,000), raising questions about excessive compensation.
Potential Return of Ex-Bureaucrats
Former Financial Services Commission Chairman Eun Sung-soo may return to the role after being mentioned anew in the selection process.
Banking Industry Faces Pressure
South Korea's banking industry faces criticism over interest-profiteering and a personal data leak caused by AI-related hacking.
Next Chairman's Key Challenges
The next chairman must balance public interest and profitability while managing household loans and expanding productive finance.
Timeline for New Chairman
The final candidate is expected to be confirmed by mid-month, with the next chairman taking office on the 1st of next month.
The big picture
South Korea's Banking Federation will select a new chairman by mid-month from candidates including former KB Financial Group Chairman Yoon Jong-kyoo and former Financial Services Commission Chairman Eun Sung-soo, with compensation exceeding 700 million won.
