The Korea Federation of Banks Initiates Next Chairman Appointment Process... First Board Meeting Today

Unusually, the Regular Board Meeting on the 26th Held at Front1 Instead of Bank Hall
Bureaucrats and Politicians Mentioned... Keen Attention on Who Will Be the Successor

[Asia Economy Reporter Park Sun-mi] The Korea Federation of Banks will officially begin the process of selecting its next chairman starting on the 26th.

According to sources in the financial sector, the Federation of Banks will hold a regular board meeting around 5 p.m. that day at 'Front1,' a startup support center in Mapo, Seoul. The board, composed of the heads of 10 banks, is expected to discuss the schedule and method for appointing the successor to Chairman Kim Tae-young, whose term ends on the 30th of next month.

Once the method for selecting the chairman candidate is finalized at this board meeting, the 10 bank heads and the Federation chairman?a total of 11 people?will meet privately in early next month to each recommend candidates. Subsequently, through several meetings involving discussion, verification, and evaluation, the final candidate will be selected.

Potential candidates for the next Federation chairman include prominent figures from the bureaucracy and political circles. Representative names are former Financial Services Commission Chairman Choi Jong-ku, former Democratic Party lawmaker Min Byung-doo, and former Financial Services Commission Chairman Lim Jong-ryong. This is because the banking sector's voice needs to be actively reflected amid issues such as the private equity fund redemption suspension incident, regulatory fairness concerns with big tech companies, and the uncertain management environment caused by the COVID-19 pandemic.

Meanwhile, following the board meeting, a dinner will be held in the same building, attended by the heads of 22 member banks and external guests, including Yoon Seok-heon, Governor of the Financial Supervisory Service. It is expected that issues such as household debt management including credit loans, financial support for small business owners affected by COVID-19, and private equity fund management will be discussed at this gathering.