Yoon Jong-won, CEO of IBK, Pays Tribute to the Late Kang Kwon-seok, Former CEO

[Asia Economy Reporter Haeyoung Kwon] On the 6th, Yoon Jong-won, President of IBK Industrial Bank of Korea, paid tribute to the late former President Kang Kwon-seok instead of going to work at the Euljiro headquarters in Jung-gu, Seoul. Amid the Industrial Bank labor union's protest against the appointment of a bureaucrat as president and their struggle to block his attendance at work, Yoon's tribute to the highly respected former President Kang is interpreted as an effort to strengthen internal unity and reaffirm his commitment to future management as the bank president.

The Industrial Bank of Korea announced that President Yoon visited the Memorial Park in Bundang, Seongnam, Gyeonggi Province, that morning to pay respects to former President Kang and to honor his achievements and legacy.

President Yoon stated, "Former President Kang laid the foundation for the current Industrial Bank of Korea as a leading bank for small and medium-sized enterprise (SME) financing despite fierce competition with commercial banks," and pledged, "I will carry on his will by supporting the development of SMEs, the backbone of the national economy, through innovative finance, and lead the Industrial Bank to become a top-tier bank."

Former President Kang was inaugurated as the 20th President of the Industrial Bank of Korea in 2004 and was reappointed as the 21st President in 2007 but passed away in November of the same year due to an illness. He entered public service through the 14th Administrative Examination and was a government bureaucrat who served at the Ministry of Finance and Economy, the Financial Supervisory Commission, among others. During his tenure, he achieved milestones such as "surpassing 100 trillion won in assets" and "establishing the banking sector's first next-generation IT system." It is known that on the anniversary of former President Kang's passing, the bank president and executives hold a memorial service together, reflecting the deep respect he earned from his juniors.

Meanwhile, President Yoon began his term as the new president of the Industrial Bank of Korea on the 3rd. However, the labor union, calling him a "parachute appointment," launched a protest to block his attendance at work, preventing him from entering his office. President Yoon expressed his intention to postpone the inauguration ceremony until sufficient dialogue and consensus with the union are reached. He passed the 27th Administrative Examination and has held positions such as Director of Economic Policy at the Ministry of Planning and Finance, Economic and Financial Secretary at the Blue House, Executive Director at the International Monetary Fund (IMF), and Ambassador to the Organisation for Economic Co-operation and Development (OECD).

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