Younger CEO to lead KB Kookmin Bank

From left are KB Financial Group's vice chairman-nominee Hur Yin and KB Kookmin Bank CEO-nominee Lee Jae-keun. Yonhap

By Lee Min-hyung

KB Financial Group recommended Lee Jae-keun, senior executive vice president at KB Kookmin Bank, as the next leader of the lender, KB's CEO recommendation committee said Wednesday.

Starting from January 2022, Lee is scheduled to start his two-year term after receiving approval from the lender's shareholders.

Lee, 55, will become the youngest CEO among major commercial lenders in Korea if KB's board approves the committee's choice.

Behind the recommendation is the lender's expectation that Lee could help accelerate the banking arm's generational shift as the financial industry faces a major paradigm shift amid the post-pandemic rise of digital banking. The surprise reshuffle of top management reflects the group's willingness to pursue fundamental changes in its organization and corporate culture.

Lee has a diverse range of experiences within the group. He served as a chief financial officer at the holding company and currently works as the head of the bank's sales group.

“Lee is a figure who can drive KB's change into a young and dynamic organization,” the committee said. “He is also capable of leading the bank's major leap forward as the nation's top financial platform company.”

Lee's expertise in financial engineering also drew the attention of the market. He studied mathematics at Sogang University and earned a master's degree in financial engineering at KAIST, applying quantitative methods to analyze markets.

KB Financial Group achieved a record net profit of 3.77 trillion won in the first three quarters combined this year, up 31.1 percent from the previous year. Expectations were that the incumbent leader Hur Yin will extend his term on the outstanding earnings outcome. The committee also said Hur had been promoted to vice chairman of the nation's largest financial holding firm.