Kim Kwang-soo Appointed as Chairman of the Korea Federation of Banks... NongHyup Financial Group Faces Inevitable Appointment of Next Chairman

3-Year Term Until December 2023

[Asia Economy Reporter Park Sun-mi] Kim Kwang-soo, Chairman of NH Nonghyup Financial Group, has been unanimously nominated as the next Chairman of the Korea Federation of Banks.

On the 23rd, the Korea Federation of Banks held the 3rd meeting of the Chairman Candidate Recommendation Committee and a board meeting, unanimously selecting Chairman Kim as the 14th Chairman candidate of the Federation. Chairman Kim will be appointed as the next chairman at the Federation’s general meeting of members on the 27th. The current chairman, Kim Tae-young’s term ends on the 30th. The next chairman will serve a three-year term from the 1st of next month until December 2023.

Earlier, at the meeting on the 17th, the Federation finalized a longlist of seven candidates for the next chairman, including Chairman Kim, former Democratic Party lawmaker Min Byung-doo, Lee Jung-hwan, President of the Korea Housing Finance Corporation, Shin Sang-hoon, former CEO of Shinhan Financial Group, Lee Dae-hoon, former CEO of Nonghyup Bank, Min Byung-duk, former CEO of KB Kookmin Bank, and Kim Byung-ho, former Vice Chairman of Hana Financial Group. After Lee Dae-hoon’s withdrawal, the committee thoroughly discussed the qualifications, capabilities, and careers of the remaining six candidates and unanimously endorsed Chairman Kim as the next chairman.

Chairman Kim is highly regarded for his extensive experience and outstanding insight into the banking industry. He is expected to significantly contribute to the development of the banking sector, which faces internal and external uncertainties such as the prolonged COVID-19 pandemic and digital transformation. Notably, he is the only candidate among the group with a background as a veteran financial bureaucrat and experience as a CEO of a financial institution, making him well-versed in financial sector affairs and capable of representing the banking industry’s voice to financial authorities.

Born in 1957, Chairman Kim graduated from Gwangju Jeil High School, Seoul National University’s Department of Economics, and the Paris Institute of Political Studies (Sciences Po) with a degree in International Economics. He entered public service through the 27th Administrative Examination and has held positions such as Director of the Financial Services Bureau at the Financial Services Commission and Director of the Financial Intelligence Unit. Since April 2018, he has served as Chairman of Nonghyup Financial Group.

As Chairman Kim’s term at Nonghyup Financial Group ends in April next year, it is expected that upon confirmation as Chairman of the Korea Federation of Banks, he will express his intention to resign from Nonghyup Financial Group. Once Chairman Kim announces his resignation, Nonghyup Financial Group will immediately form an Executive Candidate Recommendation Committee to begin the process of selecting the next financial group chairman. The vacancy caused by Chairman Kim’s early resignation will be filled by Vice Chairman Kim In-tae, who will act as the interim chairman.