Financial Group Chairman Reappointment Debate: Eun Seong-su Says "Financial Firms Should Decide" vs. Yoon Seok-heon Urges "Transparency"

Eun Seong-su, Financial Services Commission Chairman: "Respecting the 회추위's Judgment, It Is a Matter for Financial Companies to Decide"
Yoon Seok-heon, Financial Supervisory Service Chief: "Procedures Must Be Conducted Transparently"

Financial Services Commission Chairman Eun Sung-soo (left), Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki, Bank of Korea Governor Lee Ju-yeol, and Financial Supervisory Service Chairman Yoon Seok-heon are having a conversation at the "Macroeconomic Financial Meeting" held on the 17th at the Bankers' Hall in Jung-gu, Seoul. The meeting discussed the recent domestic and international real economy and financial market conditions, as well as the review and response directions for COVID-19 support measures. Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Kwangho Lee] As Kim Jung-tae, chairman of Hana Financial Group, approaches the end of his term next month, financial authorities have expressed differing views on the possibility of his fourth term.

Yoon Seok-heon, Governor of the Financial Supervisory Service, said before attending the macroeconomic financial meeting held at the Bankers' Hall in Jung-gu, Seoul on the 18th, "Since it is according to the board regulations, it is difficult for us (FSS) to comment," adding, "I hope the procedures for the next successor proceed well."

On the 15th, Hana Financial's Chairman Candidate Recommendation Committee shortlisted four final candidates for the next chairman: current Chairman Kim Jung-tae, Vice Chairman Ham Young-joo, Hana Bank Vice President Park Sung-ho, and former Korea Citibank President Park Jin-hoe. If Chairman Kim succeeds in an additional term, it will be his fourth consecutive term.

On the other hand, Eun Sung-soo, Chairman of the Financial Services Commission, expressed respect for the judgment of Hana Financial's Chairman Recommendation Committee. At a National Assembly Political Affairs Committee briefing the previous day, Chairman Eun said, "I believe those on the recommendation committee and the board are aware of the issues pointed out by the media," adding, "I think the decision should be made accordingly."

Chairman Eun also told reporters after a meeting with financial holding company chairmen on the 16th, "The basic thing is that the board and the recommendation committee follow the procedures," and "It is not appropriate for financial authorities to intervene in various ways. It seems right to respect their judgment."

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