Lehman Brothers’ Min to Head KDB
By Yoon Ja-young
Staff Reporter
Min Yoo-seong, head of Lehman Brothers' Seoul office, was named as head of the Korea Development Bank (KDB).
``We've been looking for a CEO with international competitiveness, faced with the bank's privatization and conversion into an investment bank (IB),'' said Financial Services Commission Chairman Jeon Kwang-woo.
But a Seoul banker said his extensive networks with international investment banks, including Lehman Brothers, might draw undue suspicion and conflict of interest during the privatization of the largest state-run bank, valued at 42 trillion won.
Jeon said Min, who has worked at an IB and has a wide contacts network with leaders in finance and other industries, is the ideal person to lead the KDB. ``We believe Min is the person to lead the global IB, which KDB will turn into after privatization.''
Min, 54, majored in business administration at Sogang University and got an MBA at the State University of New York.
He has worked at various global financial giants ― including Citibank, Morgan Stanley, and Jardine Fleming ― and has been heading up Lehman Brothers' Seoul office since 2005.
Jeon said Min would be the first KDB head from the private sector in 26 years. It has been customary for former government officials to head the bank for smooth cooperation with the government.
Min, however, has had experiences with the government, working for the junior stock market Kosdaq committee and the regulation committee at the finance ministry. He took part in the privatization of POSCO and KEPCO.
Following due procedures, President Lee Myung-bak will appoint Min as the bank's new governor. President Lee has criticized state banks rigid systems. He even commented that the term `governor' is too authoritarian for a bank CEO.