KakaoBank Confirms Yoon Ho-young as Sole CEO... "Will Realize 'Kabang First'"
[Asia Economy Reporter Kim Hyo-jin] Korea Kakao Bank (KakaoBank) has confirmed a sole CEO system under Yoon Ho-young.
KakaoBank announced on the 17th that the Executive Candidate Recommendation Committee on the 6th and the Board of Directors on the 13th decided not to appoint an additional CEO. This decision was made as there was consensus that CEO Yoon is the best CEO who understands the direction of KakaoBank's innovation and strategy.
CEO Yoon has been leading KakaoBank alone since the end of January, when former co-CEO Lee Yong-woo left KakaoBank due to political recruitment. KakaoBank had been considering whether to officially transition to a sole CEO system under Yoon or to appoint an additional CEO to rebuild a co-CEO system.
A KakaoBank Executive Candidate Recommendation Committee official said about CEO Yoon, "He is the top domestic expert in IT and finance convergence," adding, "We judged that he is the most suitable innovation leader to lead KakaoBank in the era of financial big blur, where the future is unpredictable."
CEO Yoon served as head of management support and vice president at Daehan Fire & Marine Insurance, Ergo Daum Direct, Daum Communications, and Kakao. He was the "first person" to prepare the establishment of KakaoBank during his tenure as Kakao vice president.
Starting as a one-person task force, KakaoBank has come this far since receiving a preliminary license for an internet-only bank in the second half of 2015, a full banking license in April 2017, and launching customer services in July 2017.
Within two years of its launch, it secured 10 million customers and achieved the shortest period to profitability among global internet-only banks, earning recognition for its financial innovation and management performance.
As of the end of last year, KakaoBank had 11.28 million customers, with deposits and loans totaling 20.7 trillion KRW and 14.9999 trillion KRW, respectively. It recorded a net profit of 13.7 billion KRW last year.
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CEO Yoon expressed his ambition, saying, "From the service launch in 2017 to 2019 was a period to confirm new possibilities in mobile banking through reinterpretation of financial products and services and to lay the foundation for expansion. From this year, we will realize 'Kabang First,' where KakaoBank is the first that comes to mind when thinking of 'mobile finance,' through service expansion and enhanced customer experience."
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