 |
| CEOs of local banks speak in a breakfast meeting with Financial Services Commission Chairman Eun Sung-soo, center, at the Korea Chamber of Commerce and Industry in central Seoul, Nov. 29, 2019. / Yonhap |
By Kim Bo-eun
Major banks may face a change in leadership beginning this month, as their current CEOs' terms come to an end.
Citibank Korea's committee on forwarding candidates for executive positions will convene a second meeting Wednesday to decide on the final candidate for its CEO position. The appointment is expected to be finalized at a board meeting that will follow.
The committee stated it has reviewed multiple candidates for the position at its first meeting held Sept. 25.
Senior Executive Vice President Yoo Myung-soon, who is serving as the interim CEO of the bank after former chief Park Jin-hei stepped down in August, is widely expected within the banking sector to be named the next CEO of Citibank's local unit.
This is all the more likely given Citigroup's appointment of its first female CEO Jane Fraser last month. Citigroup holds influence in the appointment of its unit heads around the world.
 |
| Citibank Korea's Senior Executive Vice President Yoo Myung-soon who is serving as the lender's interim CEO / Courtesy of Citibank Korea |
Yoo could become the second female CEO of a major bank in Korea, after the Industrial Bank of Korea's former CEO Kwon Sun-joo who took the position in 2014.
Yoo, who has served as senior executive vice president for four years, has expertise in corporate banking. She has over 30 years of experience in banking.
Suhyup Bank is also in the process of appointing a new CEO after former chief Lee Dong-bin declined a second term.
There are five candidates for the position and the lender's committee will interview them Oct. 12 to select a final candidate.
There are candidates both from within and outside the bank, and the possibility of a figure from the government being appointed also exists.
Suhyup Bank is a maritime industry bank, founded by the National Federation of Fisheries Cooperatives.
The regional DGB Daegu Bank's board approved the appointment of former Vice President Lim Sung-hoon to the lender's CEO position last week.
DGB Financial Group Chairman Kim Tae-oh had doubled as CEO of Daegu Bank, but the group created a separate position for bank CEO.
KB Kookmin Bank's CEO could also change, given Hur Yin's term comes to an end Nov. 20. KB Financial Group, has begun the procedure to narrow down candidates for the position.
KB Financial is known to be reviewing setting up a vice chairman position, which Hur is most likely to take.
The chiefs of KB Kookmin Card, KB Securities and KB Insurance ― Lee Dong-cheol, Park Jeong-rim and Yang Jong-hee ― are considered likely candidates for the bank unit's CEO position.
Shinhan Bank CEO Jin Ok-dong's term also comes to an end in December. Since he has served his first term of two years, it appears likely he will serve another year, which is common practice in the finance sector.
Yet views within the industry are that there is a possibility Shinhan Card CEO Lim Young-jin may take the bank's CEO position.
The internet-only Kakao Bank's CEO Yoon Ho-young's term comes to an end in January.
Views within the industry are that banks may likely consider incumbent chiefs serving another term, based on uncertainties posed by COVID-19 and the need for continuity in key long-term projects such as digitization.
This was the case for KB Financial Group's chairman position, whose term comes to an end on Nov. 20. KB's committee finalized incumbent chairman Yoon Jong-kyu as the sole candidate for the group's next chief last month. His appointment is set to be approved at a board meeting in November. It will be Yoon's third term.
Standard Chartered (SC) Bank Korea CEO Park Jong-bok, whose term comes to an end in January, also secured a third term earlier this month.
The lender said it finalized the appointment five months in advance to remove uncertainties and achieve organizational stability.
Hana Bank CEO Ji Sung-kyoo and Woori Bank CEO Kwon Kwang-seok, whose terms end in March next year, are seen as likely to serve additional terms.
![[K-POP INTERVIEW] What are MOMOLAND's comfort foods? [VIDEO]](http://img.koreatimes.co.kr/upload/thumbnailV2/210122_MOMOLAND_WEB_4d864d902f7b.jpg/dims/resize/178/optimize)
