Former Lawmaker Min Byung-doo Publicly Announces Candidacy for Bankers Association President

Posting 'Ahead of the Election of the Bank Federation President' on SNS

[Image source=Yonhap News]

[Asia Economy Reporter Park Sun-mi] As the next candidates (longlist) for the chairman of the Korea Federation of Banks have been finalized, former Democratic Party lawmaker Min Byeong-du publicly announced his candidacy ahead of the Federation's regular board meeting scheduled for the 23rd.

On the 20th, former lawmaker Min posted on his Facebook a message titled "Ahead of the Election of the Chairman of the Korea Federation of Banks," declaring his candidacy.

Min said, "The relationship between big banks and big tech is a very important issue," adding, "Through the adjustment of the new ecosystem, the banking industry, which is a key infrastructure business, should develop, and new industries should also grow. This is the first task given to the Korea Federation of Banks now. While serving as a member of the National Assembly, I have always been interested in drawing the big picture and will continue to do so in the future."

He continued, "We will jointly consider growth strategies for banks in the era of ultra-low interest rates and create overseas expansion strategies such as the New Southern Policy," adding, "Also, the end of the economic tunnel caused by COVID-19 is not clearly visible, but at times like this, finance, which is the lifeblood of the economy, must perform its functions properly. The national key industries must maintain competitiveness, small and medium-sized enterprises must not collapse, and self-employed businesses must be able to recover. When we reach outside the tunnel through venture startups, we must have new growth engines. Through the New Deal and Green New Deal, we must create a new society that becomes a first mover. The Federation will propose such policy alternatives and create social discussions."

In an additional remark, former lawmaker Min said, "These days, I often hear that banks are in crisis," adding, "While serving as the chairman of the National Assembly's Political Affairs Committee, I have given much thought to the 'next' of banks in line with changing times and have proposed alternatives. Those who sympathized with these ideas recommended me for the position of chairman of the Federation of Banks, bringing me this far."

On the 17th, at the 2nd Candidate Recommendation Committee meeting for the next chairman of the Korea Federation of Banks, former lawmaker Min was included in the longlist of seven candidates along with Kim Kwang-soo, chairman of NH Nonghyup Financial Group; Kim Byung-ho, former vice chairman of Hana Financial Group; Min Byeong-deok, former president of KB Kookmin Bank; Shin Sang-hoon, former president of Shinhan Financial Group; Lee Dae-hoon, former president of NH Nonghyup Bank; and Lee Jeong-hwan, president of the Korea Housing Finance Corporation.

It is customary for the Federation to present a single final candidate for chairman. Since the term of the current chairman Kim Tae-young ends on the 30th and time is limited, it is highly likely that a single candidate for the next chairman will be endorsed at the Korea Federation of Banks' regular board meeting on the 23rd.

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