Rumored Candidates' Successive 'Declinations'... Next Bank Federation Chairman in Uncertainty

Longlist to be finalized at the upcoming 2nd Election Committee meeting
Chairman Kim Taeyoung's term ends on the 30th

[Asia Economy Reporter Park Sun-mi] As the selection process for the next chairman of the Korea Federation of Banks is underway, attention is focused on the upcoming 2nd Chairman Recommendation Committee (CRC) meeting, as several individuals whose names had been mentioned by the industry and media have consecutively declined the position.

According to financial circles on the 15th, former Financial Services Commission (FSC) Chairman Choi Jong-gu, former Chairman Kim Yong-hwan of NH Nonghyup Financial Group, and Yoon Dae-hee, Chairman of the Korea Credit Guarantee Fund, who had been mentioned as candidates, have expressed no intention to take the next Federation chairman position.

Former Chairman Choi clearly conveyed his lack of interest in the next chairman position to Kim Tae-young, the current chairman of the Korea Federation of Banks, before the 1st CRC meeting held on the 11th. He reportedly also expressed the view that since the chairman position represents the banking industry, it would be natural for someone from the industry to take the role. There is also an interpretation that he felt burdened by being considered for an institutional head position just one year after stepping down from the FSC.

Former Chairman Choi had been regarded as a strong candidate for the next chairman, with opinions gathering that an influential former government official should lead the Federation to effectively represent the banking industry's voice. Former NH Nonghyup Financial Group Chairman Kim Yong-hwan, who was also mentioned as a potential candidate, is reported to have conveyed his lack of interest in the next chairman position as well.

Yoon Dae-hee, Chairman of the Korea Credit Guarantee Fund, also publicly stated clearly that he has no intention of becoming the next chairman of the Korea Federation of Banks. The Credit Guarantee Fund stated, "Among the candidates mentioned in the media for the next chairman of the Korea Federation of Banks, Chairman Yoon is included along with other prominent candidates. Chairman Yoon has expressed his intention to faithfully fulfill his role as Chairman of the Credit Guarantee Fund and has no intention of becoming the next Federation chairman."

The Credit Guarantee Fund added, "Chairman Yoon is concerned that being mentioned as a candidate for another institution’s leadership during the critical and urgent COVID-19 situation might negatively affect the morale of employees who are doing their best on the ground."

On the 11th, CEOs of commercial banks, including Chairman Kim, and the board members of the Korea Federation of Banks had a breakfast meeting at a hotel near Gwanghwamun to discuss the pool of candidates for the next chairman but were unable to create a long list of candidates.

The CEOs exchanged overall opinions, such as recommending one candidate each at the previous meeting, but postponed the formation of the long list to the upcoming 2nd meeting. It is customary for the Federation to present a single final candidate. Chairman Kim’s term ends on the 30th of this month.

There are also suggestions that Chairman Kim might be reappointed. It is said that Chairman Kim could become a focal point of the CRC’s discussions along with other individuals mentioned as candidates for the next chairman, such as former FSC Chairman Im Jong-ryong, former National Assembly Political Affairs Committee Chairman Min Byung-doo, and Lee Jung-hwan, President of the Korea Housing Finance Corporation.

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