Five Candidates Apply for Next Suhyup Bank President... Interviews Start from the 12th of Next Month

Current President Dongbin Lee Decides Not to Seek Reappointment

[Asia Economy Reporter Kim Min-young] Five candidates have finally applied for the next president position of Sh Suhyup Bank, with the public recruitment process concluding on the 25th. It is reported that the current president, Lee Dong-bin, did not apply for this recruitment.

According to financial circles on the 25th, the Suhyup Bank President Recommendation Committee (PRC) will narrow down the candidates on the 8th of next month after discussions and proceed with interviews on the 12th. Currently, the PRC consists of five members: three government-appointed members (from the Ministry of Economy and Finance, Ministry of Oceans and Fisheries, and Financial Services Commission) and two members recommended by the Suhyup Central Association (former heads of regional Suhyup cooperatives).

According to the bank’s articles of association, the final candidate for president must receive approval from at least two-thirds of the PRC members. This means four out of the five members must agree. Once the PRC selects the final candidate, the appointment process proceeds through the Suhyup Bank board of directors, the Suhyup Central Association board, and the Suhyup Bank shareholders’ meeting. The Central Association holds 100% of Suhyup Bank’s shares.

Suhyup Bank has an obligation to repay KRW 850 billion in public funds received by the Suhyup Central Association’s credit business division from the government by 2028. Although the debt was transferred to the Central Association when Suhyup Bank separated from the Central Association in 2016, the bank is repaying this amount through dividends and other means.

For this reason, conflicts have repeatedly arisen between the government and the Central Association during each presidential selection. Government-appointed members tend to prefer external bureaucrats who can coordinate repayment amounts and schedules with the government, while the Central Association argues that it is time to appoint a president from within the bank.

Meanwhile, President Lee has decided not to seek reappointment after completing his three-year term. His term ends on the 24th of next month, leaving a tight schedule for selecting the next president. The schedule also includes holidays such as the Chuseok holiday and Hangul Day (October 9). Considering the board meetings and shareholders’ meeting, there is little time to spare. When President Lee was appointed in 2017, it took six months due to differences among PRC members. The industry is concerned about a similar leadership vacuum this time.

This content was produced with the assistance of AI translation services.