Major Bank Presidents Meet to Elect Next Bank Federation Chairman

[Asia Economy Reporter Kim Min-young] Major bank presidents will hold a breakfast meeting on the 11th to elect the next chairman of the Korea Federation of Banks.

According to the financial sector, Kim Tae-young, chairman of the Korea Federation of Banks, along with 11 board members of the federation, will hold a breakfast meeting at a location in Seoul that morning.

The board consists of 11 members including Chairman Kim and the presidents of Shinhan, KB Kookmin, Hana, Woori, NH Nonghyup, KDB Industrial, IBK Industrial Bank, SC First, Korea Citi, and Gyeongnam banks.

At this meeting, the bank presidents will first recommend one candidate each to form a long list. Multiple recommendations are also possible. The board is expected to hold another meeting around next week to finalize the list of candidates.

There is speculation that a candidate from the government sector is likely to become the next chairman. Former Financial Services Commission Chairmen Choi Jong-gu and Im Jong-ryong, both former heads of financial authorities, are being mentioned.

Former NH Nonghyup Financial Group Chairman Kim Yong-hwan, who passed the administrative examination, Lee Jung-hwan, president of the Korea Housing Finance Corporation, and former Democratic Party lawmaker Min Byung-doo, who served as chairman of the National Assembly's Political Affairs Committee, are also mentioned.

Names of purely private sector figures such as former Korea Citi Bank President Park Jin-hoe and former JB Financial Group Chairman Kim Han are also brought up.

According to the federation's bylaws, the chairman of the Korea Federation of Banks serves a three-year term and can be reappointed once, but among the 11 past chairmen, only Jeong Chun-taek, the 3rd chairman, has been reappointed. It is customary to form candidates through recommendations by the bank presidents and then unanimously endorse a single candidate.