Yun Designated as IBK Chief
By Na Jeong-ju
Staff Reporter
Cheong Wa Dae has designated Financial Supervisory Commission Vice Chairman Yun Yong-ro as president of the state-invested Industrial Bank of Korea (IBK), officials said Thursday.
The Ministry of Finance and Economy will officially announce the appointment today. President Roh Moo-hyun will appoint him to the post later.
The appointment comes a week after Jin Dong-soo, former vice minister of finance and economy, withdrew his bid for the post. Jin dropped his bid on reports that Yun was favored by Cheong Wa Dae.
He will fill the post that has been vacant since former IBK President Kang Kwon-seok passed away late last month. The late Kang was appointed as the bank's CEO in March 2004, and secured another term in March this year.
Yun concurrently serves as the chairman of the Securities & Futures Commission, which is under the wing of the regulatory body, monitoring the stock market for illicit trading.
He is a long-time veteran in finance, who began his career at the Ministry of Finance and Economy after passing the state-run exam in the 1970s. Yun became the FSC vice chairman in February this year.