KB Financial's new chairman to boost shareholder returns

KB Financial Group's new Chairman Yang Jong-hee [YONHAP]

The new chairman of KB Financial Group, a major Korean banking group, said Friday he will continue to boost shareholder remuneration amid struggles in the domestic economy and finance sector.

Yang Jong-hee, formerly vice chairman of KB Financial who has been with the financial group since 1989, made the remarks as his appointment was approved at a shareholder meeting earlier in the day.

National Pension Service is KB's largest shareholder with 8.75 percent stake.

Yang, 62, has been serving as the chief for the financial group's retail banking, asset management and pension-related business since early this year.

During the meeting, Yang said he would “further develop the policy of expanding shareholder returns,” according to the financial group.

His three-year term kicks off on Nov. 21.

BY JIN MIN-JI, YONHAP [jin.minji@joongang.co.kr]