Choi Woohyung, President of internet-only bank K Bank, has effectively secured another term.
The Executive Candidate Recommendation Committee of K Bank announced on the 26th that it had, on the 25th, exclusively recommended President Choi as the sole candidate for the next Chief Executive Officer (CEO). Choi took office in January 2024, and although his term expired at the end of December last year, it was automatically extended until March this year as no successor candidate had been nominated.
The committee cited as reasons for the recommendation that, "Even under a regulatory environment for household lending, he strategically expanded loans to individual business owners, thereby diversifying the asset portfolio and securing a new growth engine," adding that, "We also positively evaluated the fact that he laid the foundation for capital expansion by pursuing a listing on the KOSPI market."
K Bank is attempting its third initial public offering (IPO) this year and is scheduled to be listed on the KOSPI market on March 5. Its expected market capitalization is 3.3673 trillion won. In the public subscription for general investors held over two days starting on the 20th, it recorded a competition rate of 134.6 to 1.
Whether President Choi will serve another term will be finally confirmed at the shareholders' meeting to be held on March 31, at which the length of his renewed term will also be decided.
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