Kwon Kwang-su to Become Chairman of the Korea Federation of Banks Starting Next Month on the 1st... NongHyup Financial Begins Search for New Chairman (Comprehensive)

Chairman Kim Kwang-su to Become 14th Chairman of the Korea Federation of Banks Starting Next Month on the 1st
Expresses Intention to Resign from NongHyup Financial Group

[Asia Economy Reporter Park Sun-mi] Kim Kwang-soo, Chairman of NongHyup Financial Group, will assume the position of the 14th Chairman of the Korea Federation of Banks starting next month on the 1st.

The Korea Federation of Banks announced on the morning of the 27th that it held a general meeting with representatives of member institutions and unanimously elected Kim Kwang-soo, the current Chairman of NongHyup Financial Group, as the 14th Chairman of the Federation. Previously, the Federation's board of directors recommended Chairman Kim as the sole candidate for the next chairman on the 23rd.

The new chairman is scheduled to begin a three-year term starting December 1.

Chairman Kim is evaluated to significantly contribute to the development of the banking industry, which faces internal and external uncertainties such as the prolonged COVID-19 pandemic and digital transformation, based on his extensive experience and outstanding insight into the banking industry.

Born in 1957, Kim graduated from Gwangju Jeil High School, Seoul National University with a degree in Economics, and the Paris Institute of Political Studies (Sciences Po) with a degree in International Economics. He entered public service by passing the 27th Administrative Examination and has served as Director General of Financial Services at the Financial Services Commission and as Director of the Financial Intelligence Unit. Since April 2018, he has been serving as Chairman of NongHyup Financial Group.

With Kim’s election as Chairman of the Korea Federation of Banks, NongHyup Financial Group will begin the search for a new chairman.

On the same day, NongHyup Financial Group announced that Chairman Kim expressed his intention to resign to the board of directors. Following Kim’s resignation, the Executive Candidate Recommendation Committee (hereafter, the Nomination Committee) will convene to initiate the management succession process.

The Nomination Committee of NongHyup Financial Group must complete the final candidate recommendation process within 40 days from the start of the management succession procedure, and the new chairman will be officially appointed at the NongHyup Financial Group shareholders’ meeting. According to board regulations, Kim In-tae, Head of the Management Planning Division (Vice President), has been appointed as acting chairman.

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