The list of candidates for the next chairman of the Korean Bankers Association has been narrowed down to six individuals, including former heads of financial groups and banks.
On November 13, the association held its second candidate recommendation committee meeting in Jung-gu, Seoul, where it selected the long list for the next chairman.
The candidates include Kim Han-jo, former president of Woori Bank; Park Jong-bok, former president of SC First Bank; Son Byeong-hwan, former chairman of NH Nonghyup Financial Group; Yoon Jong-kyu, former chairman of KB Financial Group; Yoon Jong-won, former president of IBK Industrial Bank; and Lee Won-deok, former president of Woori Bank. Notably, former Financial Services Commission Chairman Eun Sung-soo was excluded from the list.
Among the six candidates, all but Yoon Jong-won, who has a background in the Ministry of Finance, are from the private sector. In the financial community, Yoon Jong-kyu and Park Jong-bok are considered strong contenders.
Yoon led KB Financial from 2014 to 2023, successfully completing three consecutive terms, a first since the group's inception. His tenure is noted for transforming KB Financial into the largest financial group in South Korea.
However, the recent trend of appointing individuals from KB Financial to key association positions could be a factor. There are concerns that this may lead to a concentration of power among specific financial groups.
As a result, Park has emerged as a prominent candidate. With over 40 years of experience in banking, he served as president of SC First Bank from 2015 to 2025, making him the longest-serving bank president in the country. His deep understanding of the banking sector and extensive network are seen as advantages.
The possibility of appointing a candidate with a bureaucratic background cannot be ruled out. Yoon previously held positions as the Director of Economic Policy at the Ministry of Finance and as the Economic Chief at the Blue House before becoming president of IBK.
There may also be surprise selections of new candidates who have not been previously mentioned. Kim, a former president of Woori Bank, has served as vice chairman of Hana Financial Group and recently became the chair of Samsung Electronics' board. Son has held positions as president of Nonghyup Bank, chairman of Nonghyup Financial Group, and president of Nonghyup University. Lee has served as the senior vice president of Woori Financial Group.
As financial regulations continue to tighten, the next chairman of the Korean Bankers Association will face the challenge of finding a compromise between the government and banks while also developing strategies to grow the banking industry.
The association plans to hold its third candidate recommendation committee meeting on November 23 to select the final candidates. Following this, a general meeting with member companies will vote to elect the next chairman. An association official stated, "We will carefully review the candidate pool in the next meeting before finalizing the candidates."
On November 13, the association held its second candidate recommendation committee meeting in Jung-gu, Seoul, where it selected the long list for the next chairman.
The candidates include Kim Han-jo, former president of Woori Bank; Park Jong-bok, former president of SC First Bank; Son Byeong-hwan, former chairman of NH Nonghyup Financial Group; Yoon Jong-kyu, former chairman of KB Financial Group; Yoon Jong-won, former president of IBK Industrial Bank; and Lee Won-deok, former president of Woori Bank. Notably, former Financial Services Commission Chairman Eun Sung-soo was excluded from the list.
Among the six candidates, all but Yoon Jong-won, who has a background in the Ministry of Finance, are from the private sector. In the financial community, Yoon Jong-kyu and Park Jong-bok are considered strong contenders.
Yoon led KB Financial from 2014 to 2023, successfully completing three consecutive terms, a first since the group's inception. His tenure is noted for transforming KB Financial into the largest financial group in South Korea.
However, the recent trend of appointing individuals from KB Financial to key association positions could be a factor. There are concerns that this may lead to a concentration of power among specific financial groups.
As a result, Park has emerged as a prominent candidate. With over 40 years of experience in banking, he served as president of SC First Bank from 2015 to 2025, making him the longest-serving bank president in the country. His deep understanding of the banking sector and extensive network are seen as advantages.
The possibility of appointing a candidate with a bureaucratic background cannot be ruled out. Yoon previously held positions as the Director of Economic Policy at the Ministry of Finance and as the Economic Chief at the Blue House before becoming president of IBK.
There may also be surprise selections of new candidates who have not been previously mentioned. Kim, a former president of Woori Bank, has served as vice chairman of Hana Financial Group and recently became the chair of Samsung Electronics' board. Son has held positions as president of Nonghyup Bank, chairman of Nonghyup Financial Group, and president of Nonghyup University. Lee has served as the senior vice president of Woori Financial Group.
As financial regulations continue to tighten, the next chairman of the Korean Bankers Association will face the challenge of finding a compromise between the government and banks while also developing strategies to grow the banking industry.
The association plans to hold its third candidate recommendation committee meeting on November 23 to select the final candidates. Following this, a general meeting with member companies will vote to elect the next chairman. An association official stated, "We will carefully review the candidate pool in the next meeting before finalizing the candidates."
* This article has been translated by AI.
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