Former Citibank Korea head to lead Federation of Banks

Ha Yung-ku, the 61-year-old former head of Citibank Korea, was elected as the next chairman of the Korea Federation of Banks (KFB).

The federation made the announcement after holding a general meeting at Lotte Hotel in central Seoul on Friday.

Ha will succeed Bahk Byong-won, whose term ends this month, and will serve as the 12th KFB chairman for three years. Ha joined Citibank in 1981 and served as the head of Hanmi Bank and Citibank. Due to his background, Ha may be able to avoid the frequently revisited controversy of gwanfia, referring to close ties between the government and businesses.

The general meeting was scheduled to take place at the KFB building in Myeongdong, but was relocated because of a protest by its labor union. The union members demonstrated after rumors spread that Ha already had been designated as the next chairman of KFB.