Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
2 vice chairmen, Vietnamese bank chief to vie for KB Financial Group leader post
Two KB Financial Group Vice Chairmen, Hur Yin, left, and Yang Jong-hee, joined the list of three final candidates, Tuesday, in the race to choose the group's next leader. Courtesy of KB Financial Group
By Yi Whan-woo
By Yi Whan-woo
KB Financial Group announced Tuesday that two of its vice chairmen ― Hur Yin and Yang Jong-hee ― and Chairman Kim Byoung-ho of Vietnam's HD Bank were shortlisted as candidates to become the group's next chairman in the second of three stages to pick the successful nominee.
Hur is in charge of the group's global business and insurance business unit, while Yang is responsible for retail customer relations, pensions and small and medium enterprise business.
Kim Byoung-ho, incumbent chairman of Vietnam's HD Bank and also former vice chairman of Hana Financial Group, was included on the list of three final candidates for KB Financial Group's next chairman, Tuesday. Courtesy of KB Financial Group
A former Hana Financial Group vice chairman and also Hana Bank CEO between 2015 and 2018, Kim has been leading HD Bank, a mid-size lender, since May 2022.
Kim was the first Korean national to take the helm of a bank outside of Korea. He is currently the only foreigner among the CEOs of Vietnamese lenders with the exception of foreign banks.
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Hur, Yang and Kim were chosen among six contestants ― four within the group's ranks and two outside figures ― in the first stage of candidate selection in early August.
The final three were chosen following an interview and polling of the members of the group's CEO recommendation committee.
The final nominee will be determined by Sept. 8.
For official appointment, a recommendation from the board of directors plus shareholder approval are required before replacing outgoing Chairman Yoon Jong-kyoo. His term will end on Nov. 20.
“We thank all candidates for respecting one another and competing on a fair and equal footing,” the recommendation committee said in a statement. “The committee will continue to put its utmost efforts to choose the most capable leader who can ensure the sustainable growth of KB Financial Group.”
The committee highlighted that it has been using improved scales and assessment measures in a rare, multi-stage selection process, in line with the government's call for transparency and objectivity concerning leadership in the banking industry.
Correspondingly, the committee underlined that it will make sure “to level the playing field” for Kim, who comes from outside the ranks of KB and needs more time than Hur and Yang in preparing for the final stage of candidate selection.
“We'll make sure our multi-stage selection process sets an example for the industry,” the committee said.