Ko Youngchul, Chairman of Gwangju Cultural Credit Union, Elected as 34th Chairman of the National Credit Union Federation

Term Begins on March 1
Focus on "Restoring Soundness, Strengthening Internal Controls, and Discovering Future Growth Engines"

Ko Youngchul, Chairman of Gwangju Cultural Credit Union. Provided by the National Credit Union Federation of Korea

The National Credit Union Federation of Korea announced on January 9 that Ko Youngchul, Chairman of Gwangju Cultural Credit Union, was elected as the 34th Chairman of the National Credit Union Federation in an election held at the Central Training Institute of the Federation in Yuseong-gu, Daejeon.

This election was overseen by the National Election Commission in accordance with relevant laws and regulations. The electoral college consisted of 863 members (862 credit union chairpersons from across the country and the current chairman of the federation). A total of 784 votes were cast, and Ko Youngchul secured victory with 301 votes, representing a 38.4% share. The new chairman will succeed the current chairman, Kim Yoonsik, whose term is set to expire at the end of next month, and will lead the federation starting March 1.

Born in 1959, Ko Youngchul graduated from the Department of Accounting at Chosun University and has held key positions at Gwangju Cultural Credit Union, including executive manager, standing director, and chairman. Under his leadership, Gwangju Cultural Credit Union has been recognized as the second-largest credit union in the country by asset size. Since 2022, he has served as a director of the National Credit Union Federation, participating in the federation’s management and policy-making processes.

During the election, Ko Youngchul emphasized the principle that “the answer to the credit union’s crisis is found in the field, not at the desk,” stressing that the federation should transform from an organization that merely manages and controls unions to one that supports their recovery and growth. He identified restoring soundness, strengthening internal controls, and discovering future growth engines as his top priorities.

Specifically, to normalize unions with weak financial conditions, he proposed measures such as relaxing the requirements for management normalization support funds, supporting capital expansion by allowing unions to invest part of their surplus reserves, and expanding linked loans and performance-based credit products for unions with capital erosion. He also introduced the idea of a provisional “matching reserve fund” to ease the burden of new loan loss provisions.

Regarding the discovery of future growth engines, Ko Youngchul previously pledged to establish an internet bank similar to KakaoBank and Toss Bank, tentatively named “CU Bank,” raising expectations for more concrete plans in this area going forward.

Ko Youngchul stated, “I will do my utmost to help credit unions regain trust by returning to a field- and member-centered approach, while simultaneously strengthening the foundation for soundness and growth,” adding, “The federation must become a strong pillar that supports local credit unions in fulfilling their roles.”