The Financial Sector Association Presidents' Greetings Begin... Numerous Speculations About Former Bureaucrats

Bank Federation President, Life Insurance Association President, and Non-life Insurance Association President Terms Near Expiration

[Asia Economy Reporter Park Sun-mi] As the terms of the heads of financial associations such as the Korea Federation of Banks, the Life Insurance Association, and the General Insurance Association are coming to an end, the procedures for appointing their successors are gaining momentum. There is also a possibility that all three positions could be filled by former government officials.

According to the financial sector on the 24th, the Korea Federation of Banks will hold a regular board meeting at Front1 around 5 p.m. on the 26th to begin the process of selecting the next chairman to succeed Kim Tae-young, whose term ends on November 30.

The method for selecting the chairman candidate and the detailed schedule for the appointment will be discussed in earnest. Once the selection method is finalized at the board meeting on the 26th, a total of 11 people, including the heads of 10 banks and the chairman of the Federation, will meet privately in early next month to each recommend a candidate. Subsequently, through several meetings involving discussions, verification, and evaluations, the final candidate will be selected.

Currently, there is a growing sentiment that a candidate with a bureaucratic background should be selected to actively reflect the voices of the banking sector. Former Financial Services Commission Chairman Choi Jong-gu, former National Assembly Political Affairs Committee Chairman Min Byung-doo, and former Financial Services Commission Chairman Lim Jong-ryong are among the names being floated as potential bureaucrat candidates for the next chairman.

Logo of the General Insurance Association

The General Insurance Association has also begun the process of selecting the next chairman to succeed Kim Yong-duk, whose term expires on the 5th of next month. The Chairman Candidate Recommendation Committee held its first meeting on the 21st to discuss the committee’s operational plan and is scheduled to hold a second meeting on the 27th to discuss candidate appointments. It is expected that candidate recommendations will be finalized within this month.

Chairman Kim has expressed his intention not to seek reappointment. On the 22nd, he informed the members of the Chairman Candidate Recommendation Committee through association executives that he would not pursue another term. Accordingly, the industry is mentioning Kang Young-gu, President of Meritz Fire & Marine Insurance, Yoo Kwan-woo, Advisor at Kim & Chang, and Jin Woong-seop, former Financial Supervisory Service Governor, as leading candidates for the next chairman.

Life Insurance Association Logo

The Life Insurance Association is also expected to officially begin the process of selecting the next chairman next month, ahead of the expiration of Chairman Shin Yong-gil’s term on December 8. Although Chairman Shin, a former president of Kyobo Life Insurance, is eligible for reappointment under the regulations, former government officials are being mentioned as candidates for the next chairman. Former Financial Services Commission Chairman Jin Dong-soo, former Financial Supervisory Service Governor Jin Woong-seop, and Jung Hee-soo, President of the Insurance Training Institute, are among those being considered.