Financial Services Commission Recommends Yoo Jae-hoon, Former KSD President, as New KDIC President

[Asia Economy Reporter Song Hwajeong] On the 10th, Kim Juhyun, Chairman of the Financial Services Commission, nominated Yoo Jaehun, former President of the Korea Securities Depository, as the new President of the Korea Deposit Insurance Corporation.

The President of the Korea Deposit Insurance Corporation is appointed by the President of the Republic of Korea upon the recommendation of the Financial Services Commission Chairman, following the recommendation of the Deposit Insurance Corporation Executive Recommendation Committee in accordance with the Act on the Management of Public Institutions.

Nominee Yoo has held key financial and economic positions such as Standing Commissioner of the Financial Services Commission's Securities and Futures Commission, Director General of the Treasury Bureau at the Ministry of Strategy and Finance, and President of the Korea Securities Depository. He has smoothly promoted various policy and system improvements including eradication of stock price manipulation, improvement of disclosure systems, and strengthening sanctions against accounting fraud. Additionally, through his experience working at various international organizations such as the Asian Infrastructure Investment Bank (AIIB), the World Bank (IBRD), and the Asian Development Bank (ADB), he has built expertise in international finance.

The Financial Services Commission stated, "We judged that nominee Yoo, with his outstanding expertise in financial markets and systems and abundant experience, is the right person to enhance the stability of the financial system and strengthen the global competitiveness of our deposit insurance system amid increasing internal and external uncertainties, and thus nominated him as President of the Korea Deposit Insurance Corporation."

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