NH Financial Chairman Kim Kwang-soo to lead Korea Federation of Banks from next month

Kim Kwang-soo / Korea Times file

By Anna J. Park

NH Financial Group Chairman Kim Kwang-soo, 63, has been elected the next head of the Korea Federation of Banks (KFB) for a three-year term starting Dec. 1.

The KFB said its member banks unanimously approved Kim's appointment at the federation's general assembly, Friday. He was the only candidate.

“Based on his long-time expertise and excellent insight into the banking industry, Chairman Kim is expected to greatly contribute to the development of the banking sector, which is now facing both internal and external uncertainties from the prolonged global pandemic, as well as digital transformation,” the KFB said.

NH Financial Group said it started a recruitment process Friday to appoint a new chairman after Kim tendered his resignation to the financial firm's board of directors earlier in the day.

According to board regulations, NH Financial needs to complete recommending final candidates for the chairman post in the next 40 days for consideration at the group's shareholders' meeting. In the meantime, NH group's Chief Strategy Officer Kim In-tae will be acting chairman.

Born in 1957, Kim Kwang-soo studied economics at Seoul National University and started his career in the government after passing the nation's High-level Government Officials Examination in 1983.

In three decades in the government, he held key positions in the finance ministry and the Financial Supervisory Commission (FSC). He also led the Korea Financial Intelligence Unit (KoFIU) as commissioner. Since April 2018, he has been NH Financial Group chairman.