New Jeonbuk Bank President Appointed: Baek Jong-il, Phnom Penh Commercial Bank President

Seo Hanguk Current President to Step Down... Gwangju Bank President Also Declines 4th Term Reappointment

[Asia Economy Reporter Yu Je-hoon] Baek Jong-il, the president of Phnom Penh Commercial Bank (PPCbank) in Cambodia, has been appointed as the next president of Jeonbuk Bank.

According to the financial sector on the 23rd, JB Financial Group's CEO Candidate Recommendation Committee recently held a meeting and solely recommended President Baek as the candidate for Jeonbuk Bank president. Baek is set to officially take office after the Jeonbuk Bank Executive Recommendation Committee's review and the shareholders' meeting on the 28th.

President Baek, a native of Gwangju, graduated from Korea University with a degree in Business Administration. He worked at Daishin Securities, JP Morgan, and Hyundai Securities. After moving to Jeonbuk Bank in 2015, he served as Vice President of the Credit Support Headquarters, CEO of JB Asset Management, and since last year, he has been serving as the president of Phnom Penh Commercial Bank, which was acquired by Jeonbuk Bank.

Current president Seo Hanguk was one of the final two candidates shortlisted but voluntarily announced his resignation. In a post on the company bulletin board, Seo stated, "I withdraw my candidacy for the new change of Jeonbuk Bank," and added, "I have strong belief and expectation that this decision will be a foundation for the development of Jeonbuk Bank."

Meanwhile, the president of Gwangju Bank under JB Financial is also expected to be replaced. It has been reported that Song Jong-wook, president of Gwangju Bank, has decided to retire, foregoing a fourth term.

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