Korea Development Bank chief offers to resign
Korea Development Bank Chairman Lee Dong-gull speaks during a press conference at its headquarters on Jan. 27. Yonhap
By Lee Min-hyung
Korea Development Bank (KDB) Chairman Lee Dong-gull has offered to resign amid escalating tensions due to the incoming administration's plan to relocate the headquarters of the KDB to the nation's southern port city of Busan.
According to industry sources, Lee recently expressed his intent to step down to the Financial Services Commission (FSC). This comes only a few days before the inauguration of the new government which will be headed by President-elect Yoon Suk-yeol.
The decision was widely expected, as Lee was considered a high ranking official who strongly supported President Moon Jae-in and the ruling party. Earlier, he was criticized for his controversial remark of wishing for the ruling side (the Democratic Party of Korea) to hold on to power for two decades in Korea.
With Yoon, from the opposition party, announcing his pledge to relocate the KDB, Lee stepped up criticism of the president-elect.
“The KDB relocation is a regression, not a progressive move,” Lee told reporters at a recent press conference.
Lee took office as the leader of the state-run lender in 2017 and extended his term once. His previous career includes being the former FSC vice chairman under the liberal Roh Moo-hyun administration.
The KDB has recently come under fire for a series of botched deals. The lender recently failed to sell KDB Life to JC Partners, which brought its years-long effort of finding a potential buyer for the subsidiary back to square one.
The state-run lender has since been mired in a controversy that it rashly pushed for the deal. The KDB also failed to complete another controversial restructuring deal for debt-ridden SsangYong Motor during the Moon administration.
Lee is expected to make his official resignation speech as early as next week.
The presidential transition committee has yet to confirm a new candidate to replace Lee.