Kakao Bank to come under sole leadership of Yun Ho-young

By Kim Bo-eun

Yun Ho-young

Kakao Bank said Tuesday the internet lender will be led solely by the current CEO Yun Ho-young, after the departure of co-CEO Lee Yong-woo.

The bank said the decision not to appoint another co-CEO was made at a committee meeting ahead of the shareholders meeting to be held at the end of this month.

Lee left in January after joining the ruling Democratic Party of Korea, ahead of the general election slated for April 15.

"Yun is Korea's greatest expert when it comes to the convergence of IT and finance, and we have determined that he is the most apt to lead Kakao Bank in a Big Blur era," a Kakao Bank committee member said.

The "big blur" refers to a boundary blurring phenomena seen among industries based on the development of information and communication technology (ICT).

Yun began his career at Daehan Fire & Marine Insurance acquired by Lotte, and also worked with another non-life insurer, ERGO Daumdirect. He then moved to portal operator Daum. Yun became Kakao's vice president after Kakao acquired Daum.

Yun was in charge of preparations for the foundation of Kakao Bank, which launched in July 2017.

Kakao Bank has attracted over 10 million customers in the two years since its launch. It also turned to a surplus in the shortest period among internet banks.

The bank had 11.28 million customers as of the end of 2019, and recorded a 13.7 billion won net profit.

"From the bank's launch in 2017 to 2019 was a period in which we confirmed new possibilities in the mobile banking sector and established a base for expansion. This year, we will aim to expand services and enhance customers' experience so that they will automatically associate Kakao Bank when they think of mobile financial services," Yun said.