Senior Saenuri official designated to head KDIC

Gwak Bum-gook

By Yoon Sung-won

Gwak Bum-gook, 55, chief strategy and finance commissioner of the governing Saenuri Party, has been designated as the new president of the state-run Korea Deposit Insurance Corp. (KDIC), sources said Monday.

The Financial Services Commission (FSC) has recommended Gwak as the top candidate for the next president of the KDIC to Cheong Wa Dae.

The KDIC received applications for the job through May 14. The recommendation committee at the KDIC has screened the applicants and singled out Gwak as its top choice.

As a member of the Public Fund Oversight Foundation, Gwak supervised the KDIC and Korea Asset Management Corp.

The President appoints the KDIC chief upon the KDIC’s recommendation of a candidate.

Conventionally, a KDIC candidate is recommended by the FSC after a thorough screening process. Therefore, Gwak will have no difficulty obtaining approval from the presidential office unless something unexpected surfaces during the personnel verification process.

The KDIC declined to confirm news of the nomination or of the appointment process before it is completed.

Gwak majored in economics at Hanyang University. He previously worked at the treasury and FTA departments at the Ministry of Strategy and Finance.

The term of incumbent KDIC President Kim Joo-hyun expires Tuesday.