Lee Hyo-jin covers the Bank of Korea, the banking industry and broader financial news. Her previous beats include foreign affairs, North Korea and general reporting on Korean society.
KB Financial narrows down chair race to 3 candidates
From left, KB Financial Group Chairman Yang Jong-hee, KB Financial Vice Chairman Lee Jae-keun and former Woori Bank CEO Kwon Kwang-seok / Korea Times file
By Lee Hyo-jin
KB Financial Group on Thursday shortlisted three candidates for its next chairman, including incumbent Chairman Yang Jong-hee, setting the stage for a final decision on whether he will secure a second term.
The two other candidates are KB Financial Vice Chairman Lee Jae-keun and former Woori Bank CEO Kwon Kwang-seok.
The chairman candidate recommendation committee initially considered six candidates, including KB Financial Group Vice Chairman Lee Chang-kwon and KB Kookmin Bank CEO Lee Hwan-ju.
The group will hold in-depth interviews with the three shortlisted candidates on Sept. 11 and select a single final nominee.
The final appointment will be confirmed at a shareholder meeting in November, when Yang's current term is scheduled to end.
"The succession process is being conducted fairly, objectively and transparently based on clear criteria. We will ensure that the best candidate who can earn the trust of all stakeholders is selected as the next chairman," an official at the candidate recommendation committee said.
Attention is now focused on whether Yang will secure a second term, with his strong buisness performance seen as a key factor supporting his reappointment.
Yang, who took office in November 2023, has led the group to record results. The group has continued to set record annual net profits since he took office, surpassing 5 trillion won ($3.62 billion) for the first time in 2024 and posting another record 5.8 trillion won in 2025.
A key variable in the KB Financial leadership race has been the government's planned overhaul of financial groups' governance systems.
The proposed changes had been expected to include measures tightening the requirements for chairmen seeking reappointment, potentially requiring unanimous approval from the board of directors. The move is part of efforts to improve corporate governance, in line with President Lee Jae Myung's view that their prolonged hold on power has created a "corrupt inner circle."
Another closely watched development is the tax authorities' unscheduled investigation into KB Financial's flagship unit, KB Kookmin Bank.
Earlier this month, the National Tax Service dispatched around 30 officials to the bank's headquarters in Seoul to secure accounting records after reportedly detecting possible signs of tax evasion. The probe is expected to run through the end of the year.