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Thu, February 3, 2022 | 02:54
Non-banks
Who will be next Eximbank CEO?
Posted : 2019-08-11 17:04
Updated : 2019-08-11 18:50
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Financial Supervisory Service First Senior Deputy Governor Yoo Kwang-yeol
Financial Supervisory Service First Senior Deputy Governor Yoo Kwang-yeol
By Lee Kyung-min

There is a great deal of attention being paid to who will succeed outgoing Export-Import Bank of Korea (Eximbank) CEO Eun Sung-soo since he was nominated Friday to replace the sitting Financial Services Commission (FSC) Chairman Choi Jong-ku. On July 18, Choi offered to step down.

According to financial industry officials Sunday, The three most viable candidates are Financial Supervisory Service (FSS) First Senior Deputy Governor Yoo Kwang-yeol, Korea Investment Corp. (KIC) CEO Choi Hee-nam and former FSC Vice Chairman Kim Yong-beom.

The head of Eximbank, which is supervised by the Ministry of Economy and Finance, is appointed by the President at the recommendation of the ministry.

Of the three, either Yoo or Choi is likely to head Eximbank as Kim is a candidate to lead Industrial Bank of Korea (IBK), another state-run bank whose current CEO Kim Do-jin's term will end in December 2019.

Financial Supervisory Service First Senior Deputy Governor Yoo Kwang-yeol
Korea Investment Corp. CEO Choi Hee-nam
Many former IBK CEOs are former FSC officials because the post is appointed by the President at the recommendation of the FSC.

Kim in that sense has been considered an exception because he was one of the few IBK CEOs who began his career as a low-ranking IBK official.

Both Yoo and Choi are former finance ministry officials well-versed in international finance with broad expertise in related fields.

Before moving to the FSS, Yoo began working at the FSC in 2016 and served as the head of FSC-supervised Korea Financial Intelligence Unit (FIU).

He also served as one of five members of the Securities and Futures Commission (SFC) under the FSC.

If Choi becomes Eximbank CEO, no major shakeup is expected as the only vacancy to be filled is the KIC CEO post.

Financial Supervisory Service First Senior Deputy Governor Yoo Kwang-yeol
Former Financial Services Commission Vice Chairman Kim Yong-beom.
However, if Yoo becomes Eximbank CEO, it could lead to a greater "chain reaction" in the key head posts of major financial institutions.

In line with customary practice, Yoo's current FSS post will be filled by a former FSC official.

The most viable candidate to succeed Yoo is Korea Securities Depository (KSD) CEO Lee Byung-rhae, whose three-year term is set to end in December.

The former finance ministry official served for a long time at the FSC and left there in December 2016 to head the KSD.

Lee's post is expected to be filled with former FSC figures including FIU Commissioner Kim Kun-ik.

Meanwhile, after Korea Asset Management Corp. CEO Moon Chang-yong's term ends in November 2019, his successor is expected to be a former finance ministry official.




Emaillkm@koreatimes.co.kr Article ListMore articles by this reporter



 
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