SC Bank's Park to serve three terms

By Kim Bo-eun

Standard Chartered Bank CEO Park Jong-bok

Standard Chartered (SC) Bank Korea CEO Park Jong-bok is in the spotlight after securing a third term as the lender's chief.

SC Bank said Park was reappointed after shareholders and board meetings Thursday

Park's third term will begin Jan. 8 next year. SC Bank said the board made the appointment five months in advance to remove uncertainties and achieve organizational stability.

Park began his first term Jan. 8, 2015.

Born in 1955, Park earned a bachelor's degree in economics from Kyung Hee University. He joined Korea First Bank, later acquired by SC Bank, in 1979. The British banking group took over the local bank in 2005.

Park has extensive experience in sales, as he worked at local branches for 20 years. He headed the sales division and the retail banking division before being appointed to double as SC Financial Group chairman and SC Bank CEO in January 2015.

He was reappointed as the lender's chief in January 2018.

Park has been acknowledged for his leadership skills and ability to communicate with employees. He took bold measures to reorganize the bank and set up a base to ensure stable growth. This has led to improved profitability.

During his terms, he turned a chronic deficit at the retail banking sector to a surplus.

As a part of Korea First Bank, Park managed to strategically utilize the two bank brands ― Korea First Bank and SC Bank ― for various business partnerships.

Park has been credited with leading the bank's strengthening of its digital capabilities and the growth of its wealth management business.

His latest achievements are SC Bank's solid earnings at a time when other lenders have seen their profits falter amid COVID-19. The lender posted 182 billion won in net profit in the first half of this year ― 21.1 percent year-on-year growth.

This has been attributed to diversifying revenue sources. SC Bank's non-interest income was driven by its wealth management division, the lender said.