Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
New KDIC chief vows to complete divestment from Woori
Korea Deposit Insurance Corp. (KDIC) CEO Kim Tae-hyun / Courtesy of KDIC
By Park Jae-hyuk
By Park Jae-hyuk
Kim Tae-hyun, the former Financial Services Commission (FSC) secretary general who has been appointed CEO of the Korea Deposit Insurance Corp. (KDIC), said in his inaugural speech, Friday, that he will do his best to sell the state-run institution's remaining stake in Woori Financial Group.
“I will make every effort so that the government can retrieve the maximum amount of funds it injected,” he said on the first day of his three-year term.
The government injected 12.8 trillion won ($10 billion) into Woori during the 1997 Asian financial crisis. More recently, it has announced that it would finish selling its stake in the financial firm by 2022, in accordance with a three-year roadmap.
The KDIC plans to sell up to two-thirds of its remaining 15.13 percent stake in Woori by the end of this year.
Kim also said it is time to consider improving the overall deposit insurance system in line with changes in the external environment, such as the growth of the economy and the diversification of financial products.
The nation's deposit insurance coverage ceiling has been fixed at 50 million won per depositor for a long time, so financial consumers have been calling for the insurer to raise its coverage to at least 100 million won per depositor.
Born in 1966, Kim graduated from Seoul National University and started his career as a government official in 1992. He served in various positions at the FSC, becoming its secretary-general in 2019.
“Not only did he contribute to stabilizing the financial market amid the 1997 Asian financial crisis, the 2007 global financial crisis and the COVID-19 pandemic, he also continued making efforts to protect financial consumers when he was serving as a government official,” the FSC said in a press release, Wednesday, after FSC Chairman Koh Seung-beom asked President Moon Jae-in to appoint Kim as the new KDIC CEO.