KB Financial closes in on a chairman

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KB Financial closes in on a chairman

KB Financial Group is expected to name its new chairman as early as next week to succeed Euh Yoon-dae, who will end his term in July.

Last week the new Woori Financial Group Chairman was named. A move that took place only a month after its previous Chairman Lee Pal-sung announced his resignation. Both Euh and Lee have close relations with former President Lee Myung-bak, whose tenure ended in February.

According to financial industry sources, KB Financial Group’s special committee for selecting the chairman plans to narrow the field of 11 candidates to five or fewer by early next week. The committee then will schedule intensive interviews with finalists over two or three days.

Candidates include KB Financial Group President Lim Young-rok, KB Kookmin Bank President Min Byung-duk, Kookmin Card President Choi Gi-eui, KB Futures President Nam Kyung-woo and Hwang Young-key, former KB Group chairman.

Former public officials who have applied are former Financial Service Commission chairmen Chin Dong-soo and Kim Seok-dong. Lee Dong-geol, former vice chairman of Shinhan Investment Corp., is also believed to be in the group.

Lim and Min, who are known to have good relations with the financial group’s labor union, are considered to be the favorites for the job. Lim formerly worked at the finance ministry, while Min has been at KB Kookmin Bank for three decades.

Lee is a veteran financial expert with 40 years of experience at Shinhan Group.

By Lee Ho-jeong [ojlee82@joongang.co.kr]

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