Ex-finance ministry official becomes KFSB chairman

Park Jae-sik

By Lee Kyung-min

Park Jae-sik, who headed both the Korea Financial Intelligence Unit and Korea Securities Finance Corp., has been named the new chairman of the Korea Federation of Savings Banks (KFSB), which represents 79 savings banks nationwide, the organization said Monday.

Park's three-year term began immediately.

He won 45 votes in a runoff race, routing the runner-up former Korea Investment Savings Bank CEO Nam Young-woo who garnered 28 votes.

Park was among three former high-ranking government officials and four candidates from the private sector that had thrown their hats into the ring for the post, making this year's competition the fiercest.

He will receive an annual salary of 500 million won ($447,000), amid the fast-improving performance of savings banks.