[Weekly Savings Banks] OK Savings Bank CEO Reappointed for Third Term, etc.

[Asia Economy Reporter Kim Min-young] This week in the savings bank industry, various news continued, including the third term renewal of the CEO of a major savings bank, strengthening digital finance, and delivering hopeful messages to overcome the novel coronavirus infection (COVID-19).

Jung Gil-ho, CEO of OK Savings Bank

◆ Jung Gil-ho, CEO of OK Savings Bank, ‘3rd Term Renewal’

Jung Gil-ho, CEO of OK Savings Bank, has succeeded in securing a third term.

According to the financial sector on the 11th, OK Savings Bank held an extraordinary general meeting of shareholders on the 29th of last month and decided to renew CEO Jung’s term. Jung’s term will last until July 3, 2022. Jung, who was inaugurated in July 2016, was renewed once in 2018.

Born in 1967, Jung graduated from Seoul National University with a degree in Economics. He worked in the HR department at Hanmi Bank, as a consultant at Watson Wyatt Korea, and as vice president of Human Consulting Group before joining OK Financial Group in 2010. After the launch of OK Savings Bank in 2014, he served as head of the Management Support Division and the Consumer Finance Division.

A company official explained, “CEO Jung was recognized for greatly contributing to the company’s growth, including stabilizing the sales organization, expanding assets, and increasing profits, leading to his third term renewal.”

◆ Welcome Savings Bank, Evolution of Welbang

Welcome Savings Bank announced that it has equipped the Welcome Digital Bank (Welbang) application with a QR payment function.

This service is implemented through a business agreement between Welcome Savings Bank and BC Card and is the first among savings banks.

It is available at BC Card-affiliated merchants that support QR payments. Anyone with a Welcome Savings Bank check card can use it through the Welbang app. After biometric authentication such as fingerprint or Face ID or a simple password, a QR code is generated.

An official from the savings bank said, “As a lifestyle financial platform, electronic payment services are an essential service. We are pleased to provide QR payment services to customers at more merchants through collaboration with BC Card, and we will continue to strive to offer more efficient financial services.”

Jae-sik Park, President of the Korea Federation of Savings Banks

◆ Savings Bank Central Association Chairman Delivers Hope Message to Overcome COVID-19

Park Jae-sik, chairman of the Savings Bank Central Association, participated in the ‘Hope Campaign Relay’ to overcome COVID-19.

Chairman Park sent a handwritten message of support for the medical staff dedicated to overcoming COVID-19, as well as for the self-employed and citizens wisely overcoming the national crisis.

Chairman Park said, “I pay tribute to the medical staff working hard to prevent the spread of COVID-19 and to the citizens practicing social distancing themselves,” adding, “The Central Association and savings banks will also work together to overcome this difficult situation.”

This relay is a campaign started to support the public and medical staff in overcoming COVID-19. Participants take a photo holding a handwritten message of encouragement, post the certification photo on social networking services (SNS), and then nominate the next participant. Chairman Park nominated Jung Wan-kyu, president of Korea Securities Finance, as the next participant.