NongHyup Bank CEO named NH Financial chairman

NongHyup Financial Group Chairman nominee Son Byung-hwan

By Park Jae-hyuk

NongHyup (NH) Bank CEO Son Byung-hwan was nominated as the new chairman to lead the bank's holding company until the end of 2022, NH Financial Group said Tuesday.

The nomination came just nine months after he was appointed the bank's CEO in March.

If his appointment gets approval from the board of directors and shareholders, he will be the second chairman who has not worked as a government official, following Chairman Shin Choong-shik, who led the group after it spun off from the National Agricultural Cooperative Federation (NACF) in 2012.

“Until this year, we have focused on being systemized as a financial holding company, but from next year, we will pursue stable growth and look for new businesses by creating a synergy effect with farmers,” the group's executive recommendation committee said in a statement. “From that standpoint, we considered Son the most qualified person to lead the group in the post-COVID-19 era for his great insight and expertise in digitization.”

After majoring in agricultural education at Seoul National University, Son joined the NACF in 1990. He is known for his expertise in planning and strategy because he contributed to the bank's establishment of NH Fintech Innovation Center and introduction of the nation's first open application programming interface (open API).

The executive recommendation committee said it will select the new NH Bank CEO soon.