The Next Head of the Savings Bank Central Association to Be Elected on the 31st... Still No 'Dark Horse'

Election Schedule Announced on Homepage on the 7th
Election Season Begins... No Rumors of Challengers

The Election Commission of the Korea Federation of Savings Banks announced the election for the next (20th) Federation president on the homepage on the afternoon of the 7th. The official election schedule has begun, but there has been no rumor regarding candidates from government officials yet.

According to the Election Commission, the 20th Federation president will be elected at the general meeting to be held on the 31st, in accordance with the Federation's bylaws. The vacant positions of the Federation's executive director and auditor will also be elected.

First, candidate applications will be accepted from today until the 17th (14 days before the election). Then, candidate recommendations will be made on the 21st, candidate registration on the 26th, and the election will be held at the general meeting on the 31st.

By the 17th, it will be determined whether candidates recommended by the Financial Services Commission and private sector candidates will run in the election. Currently, no candidates other than the current (19th) president Oh Hwa-kyung have been detected. No rumors have been heard.

President Oh's term officially expired on the 16th of last month, but he continues to serve until the next president is elected. He is effectively acting as the interim president until the 20th president is elected. There have been calls to promptly elect a president to strengthen the Federation's operational momentum.

The Federation president election is decided based on the principle of "one vote per member company" among 79 member companies. The winning quorum requires a majority attendance of member companies and approval by two-thirds or more of the attending member companies.