Choi Hong-young, CEO of Gyeongnam Bank, "We Will Evolve into an Integrated Financial Company"

[Asia Economy Reporter Kim Hyo-jin] Choi Hong-young (photo), the new president of BNK Gyeongnam Bank, presented future management strategies including the leap to an integrated financial company (CIB).

At the inauguration ceremony held on the 1st at the main office auditorium, President Choi said, "An ordinary bank clerk who took his first step into the unfamiliar world of banking over 30 years ago now stands here entrusted with the heavy responsibility of bank president," expressing these thoughts.

The future development directions set for Gyeongnam Bank are ▲leap to CIB ▲completion of future-type channels combining online and offline ▲digital transformation ▲ESG (environment, social, governance) management.

President Choi stated, "There are clear limitations to relying solely on the interest margin, the main source of income for traditional commercial banks," and added, "We will strengthen competitiveness in corporate and personal finance by adding solid engines of investment specialized banks and asset management specialized banks on top of the stable revenue base of commercial banks."

He also said, "Online channels alone cannot satisfy all customer demands," and revealed his plan to "build a strong omnichannel through channel efficiency by advancing the Hub & Spoke model and integrating digital technologies from the perspective of customer journey."

Regarding digital transformation, President Choi emphasized, "It is not a choice but a necessity," and explained, "We will pursue a two-track digital strategy that accelerates execution speed through clear goals rather than vague expansion of digital finance."

He further promised, "Even in these difficult times due to COVID-19, we must not forget the role of finance, and especially BNK Gyeongnam Bank must never forget the local communities and customers who were a strong support during tough times," pledging, "We will fulfill our social responsibilities so that the warmth and light of Gyeongnam Bank can permeate every corner of the local community."

President Choi graduated from Masan Yongma High School (formerly Masan Commercial High School) and Ulsan University, and joined Gyeongnam Bank in 1989. He has held positions such as Chief Officer of Financial Consumer Protection, Head of Ulsan and Seoul Sales Headquarters, Head of Group Management Support Division at BNK Financial Group, and Head of Credit Operations Group.

President Choi was recommended as the final candidate for president through interviews by the Gyeongnam Bank Executive Candidate Recommendation Committee and was appointed at the regular shareholders' meeting on the 25th of last month. His term is two years.

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