# 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.
- Title: South Korea's Banking Federation Searches for New Chairman
- Summary: South Korea's Banking Federation seeks new chairman with $520,000 salary amid ex-bureaucrats' potential return. South Korea's Banking Federation will select…
- Keywords: south korea, banking federation, korea federation of banks, cho yong-byung, yoon jong-kyoo, park jong-bok, yoon jong-won, eun sung-soo, kb financial group, sc first bank, ibk industrial bank of korea, financial services commission
- Source: BigGo Finance — https://finance.biggo.com/news/488d80bb-45b6-4d3a-87b4-1f5a416775f1
- Author: BigGo Finance
- Published: 2026-11-02T22:35:21+00:00
- Read time: 2 min
- Topics: south korea, banking federation, korea federation of banks, cho yong-byung, yoon jong-kyoo, park jong-bok, yoon jong-won, eun sung-soo, kb financial group, sc first bank, ibk industrial bank of korea, financial services commission
## 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.
## Key takeaway

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.