By Na Jeong-ju
Staff Reporter
Industrial Bank of Korea (IBK) President Kang Kwon-seok died Friday while being treated in hospital, the bank said. He was 57. His wife and two daughters survive him.
Kang is reported to have received treatment for a tumor on his tonsils since April. He was hospitalized at the Severance Hospital in Seoul last Saturday after his condition deteriorated, the bank said in a statement.
A funeral service will be held at Asan Medical Center, eastern Seoul, on Dec. 3.
Kang was appointed as the bank's CEO in March 2004 and secured another term in March this year.
Under Kang, the state-owned bank pursued aggressive expansion and reduced the earnings gap with its bigger private rivals.
Kang had said early this year the IBK had set the goal of achieving two trillion won in net profits and 200 trillion won in assets by 2011. He said he would push for privatization of the IBK in line with the government's policy.
The government is seeking to dispose of 15.7 percent of its stake in the IBK early next year.