KDB Chairman Lee Dong-gull starts 2nd term

Lee Dong-gull [KOREA DEVELOPMENT BANK]

Korea Development Bank (KDB) Chairman Lee Dong-gull emphasized the role of balanced financial policies and support for business amid the pandemic's economic fallout as he began his second term Friday.

The board voted Thursday to extend Lee's term by three more years.

In the letter sent to KDB employees on Friday, Lee said innovative growth, restructuring and changes within an organization should be the main pillars of the state-run bank’s balanced financial support amid the Covid-19 crisis. It added that companies hit by the infectious virus should be compensated for forced restructuring by financial support for business.

Lee also said the network of private financial institutions should be fortified to enhance Korea's financial competitiveness.

On Thursday, Lee visited the factory of Korea’s No. 1 meal kit company, Fresh Easy, located in Yongin, Gyeonggi, to show KDB’s determination to foster Korea’s next-generation start-ups. Fresh Easy is a meal kit start-up founded in 2016, in which KDB has invested some 50 billion won ($42 million).

The appointments of KDB chairmen are requested by the Financial Service Commission chairman and approved by the president. Lee is the first chairman since 1994 to be reappointed.

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr]