NongHyup Financial Nomination Committee to Start Selecting Next Chairman on 17th... Bank President to Be Confirmed on 20th

Kwangsoo Kim, Chairman of NongHyup Financial Group

[Asia Economy Reporter Kwon Haeyoung] NH Nonghyup Financial Group will begin the process of selecting its next chairman on the 17th. The candidates for the next Nonghyup Bank president are expected to be revealed as early as the same day and finalized by the 20th.

According to financial circles on the 16th, Nonghyup Financial will hold a meeting of the Executive Candidate Recommendation Committee (ECRC) on the 17th to discuss the appointment of the Nonghyup Financial chairman.

An official from Nonghyup Financial said, "The ECRC plans to discuss both the appointment of the next Nonghyup Financial chairman and the next Nonghyup Bank president on the 17th," adding, "The process for appointing the next Nonghyup Financial chairman will officially begin."

The term of Kim Kwangsoo, chairman of Nonghyup Financial, expires on the 28th of next month. The financial sector is paying close attention to whether Chairman Kim will be reappointed. This is because the appointment of the Nonghyup Financial chairman is inevitably influenced by the election of the new Nonghyup Central Association chairman. However, since the Nonghyup Financial chairman has traditionally been an external figure rather than an internal one, and considering the precedent where former chairman Kim Yonghwan was guaranteed an additional one-year term after a two-year term, there is analysis suggesting a high possibility of Chairman Kim’s reappointment.

While the Nonghyup Financial ECRC begins the process of selecting the next Nonghyup Financial chairman on the 17th, the appointment of the next Nonghyup Bank president is also expected to reach its final stages. It is not impossible that the final candidate for the next Nonghyup Bank president will be selected as early as the following day. The plan is to finalize the candidate by the 20th at the latest. It is reported that the agenda for appointing the next Nonghyup Bank president will be approved at the extraordinary shareholders' meeting on the 24th.

The candidates for the next Nonghyup Bank president include Son Byunghwan, Vice President of Nonghyup Financial; Oh Byunggwan, former CEO of Nonghyup Insurance; Lee Changho, CEO of NH Futures; Hong Jaeun, CEO of NH Nonghyup Life; and Choi Changsoo, CEO of Nonghyup Insurance.