Oh Hwakyung Recommended as Sole Candidate for Savings Bank Central Association President... Likely to be Reappointed

Jeong Jin-su, Former CEO of SangSangIn Plus Savings Bank, Withdraws
"Resolving Troubled Project Financing Is the Top Priority"

Oh Hwa-kyung, Chairman of the Korea Federation of Savings Banks, has become the sole candidate for the upcoming chairman election scheduled for the 31st, effectively securing his reappointment. This follows the withdrawal of former SangSangIn Plus Savings Bank CEO Jeong Jin-su from the candidacy.

Oh Hwa-kyung, President of the Korea Federation of Savings Banks. Provided by the Federation

On the 24th, the Federation announced that the Chairman Candidate Recommendation Committee conducted document screening and interviews on the 21st, and that former CEO Jeong voluntarily expressed his intention to withdraw to the committee.

The committee recommended Chairman Oh as the sole candidate for the next (20th) chairman of the Federation.

The Federation plans to hold its regular general meeting on the 31st at the Bankers Club in the Korea Federation of Banks building in Jung-gu, Seoul, where representatives of 79 member companies will vote in the election.

Chairman Oh emphasized that improving the asset soundness of savings banks is the most urgent task in the savings bank sector. He also stated that issues such as supplying mid- to low-credit borrowers with mid-interest loans and easing regulations on mergers and acquisitions (M&A) need to be addressed.

Chairman Oh stressed, "We must reduce defaults in real estate project financing (PF) and bridge loans, lower delinquency rates, and restore market trust."

According to the Financial Supervisory Service, the delinquency rate of 79 savings banks reached 8.52% last year, the highest in nine years.