KFB approves Cho Yong-byoung as next chair

Cho Yong-byoung [SHINHAN FINANCIAL GROUP]

The board of the Korea Federation of Banks (KFB) approved Cho Yong-byoung, who formerly led Shinhan Financial Group, as its next chairman on Monday.

The KFB, founded in 1928, aims to serve as the voice of Korea’s banking industry. It has 23 members, including nationwide commercial banks and regional banks.

Cho will replace the current chairman, Kim Kwang-soo, on Dec. 1, when the former will begin a three-year term.

Cho was determined to be a well-qualified candidate due to his in-depth understanding of the finance industry and contributions to the development of the banking sector, the KFB said.

Cho was born in 1957 and studied law at Korea University. He was the Chairman of Shinhan Financial Group for three years through March of 2023. He was expected to vie for another term at the company, but bowed out due to controversy surrounding Shinhan Bank’s sales of inappropriate private equity funds.

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