Banking group leaders mentioned as KFB chief candidates

Korea Federation of Banks (KFB) Chairman Kim Kwang-soo, left, poses with Japan's banking lobby head Masahiko Kato after signing a memorandum of understanding (MOU) on green transition and digital transformation in Tokyo, Japan, Oct. 3. Courtesy of KFB

CEOs of the country’s major banking groups, both active and retired, are drawing attention as potential candidates to next lead the Korea Federation of Banks (KFB), a lobby group representing lenders, according to industry sources, Tuesday.

Among the possible candidates are Yoon Jong-kyoo of KB Financial Group, plus former CEOs Cho Yong-byoung of Shinhan Financial Group and Son Byung-hwan of NongHyup Financial Group.

Also on the list is KB Financial Group Vice Chairman Hur Yin, who competed in the race for the group’s next CEO in replacement of Yoon who is set to retire on Nov. 20.

KB Financial Group Chairman Yoon Jong-kyoo, left, and Cho Yong-byoung, former chairman of Shinhan Financial Group

These high-profile banking industry figures are in the mix for the KFB leadership, as KFB Chairman Kim Kwang-soo’s term is set to expire on Nov. 30.

Upon serving out his three-year term, Kim can run for another term under KFB rules. But he is unlikely to do so considering almost all his predecessors quit following their first term.

The KFB launched a chairman recommendation committee, Monday, to longlist potential candidates.

The committee consists of 12 members, including Kim and 11 chiefs of commercial banks.

The KFB’s top post represents the banking industry, advocating for firms notably at a time of accelerated digital transition and lender struggle against Big Tech.

Meanwhile, some former high-profile bureaucrats are also being mentioned as possible contestants in the bid for KFB chairmanship, including Jeong Eun-bo, who served as the Financial Supervisory Service governor.