Anna Jiwon Park has been covering the politics at The Korea Times since the summer of 2024, when she joined the press pool for the Office of the President in Korea. Prior to that, she spent about five years reporting extensively on financial markets, regulatory authorities and the financial industry. She joined The Korea Times in 2019 after spending eight years as a broadcast journalist at Arirang TV, Korea’s leading global broadcaster, covering politics, defense and culture.
BNK Financial's incoming chief expected to bring in stabilization
BNK Financial Group Chairman nominee Bin Dae-in / Courtesy of BNK Financial Group
By Anna J. Park
By Anna J. Park
After BNK Financial Group nominated Bin Dae-in last month as its next chairman to lead the group for the next three years, market watchers have been fixated on whether the new incoming leader will be able to complete his term honorably, while also succeeding at stabilizing the financial group's structure. His three predecessors each had to step down from their posts prematurely, amid market rumors related to various irregularities surrounding them.
BNK Financial Group, the largest regional financial group headquartered in Busan, designated Bin as its next chairman in January. The 62-year-old nominee was CEO of Busan Bank, a key affiliate of the financial group, from 2017 to 2021. He has been seen to distance himself from some of the factional conflicts within the financial group.
As he has built a favorable reputation within the group for his stable leadership, there are expectations that he could end the disgraceful tradition of the previous group chiefs' failures to complete their official terms.
BNK Financial Group's first Chairman Lee Jang-ho stepped down in June 2013, leaving with nine months left in his term, as he was pressured to resign by financial authorities due to the harmful consequences of his seven-year hold on power. Sung Se-hwan, the second chairman of the group, and Kim Ji-wan, the third group chief, also stepped down before their official terms expired, as both were accused of various irregularities, including hiring and market manipulations.
In particular, former Chairman Kim Ji-wan tendered his resignation last November, after allegations were raised at a National Assembly audit that he had unfairly supported a securities company where his son was working as an employee. Following Kim's resignation, BNK Financial Group's executive candidate recommendation committee designated Bin as the group's next leader, considering his leadership as critical to achieving Busan Bank's digitalization.
Bin will officially take office in March, after a shareholders meeting that month. His term will continue until 2026.