NongHyup Financial Group's 'Lee Seok-jun Era'... Eyes on the Next Bank President

[Asia Economy Reporter Eunju Lee] With Lee Seok-jun, former head of the Office for Government Policy Coordination, being selected as the chairman of NH Nonghyup Financial Group, attention is turning to the appointment of the next Nonghyup Bank president. NH Nonghyup Financial Group is expected to decide on the reappointment of its subsidiary representatives as early as next week. Inside NH, candidates for the next bank president include Lee Seok-yong, head of the Planning and Coordination Headquarters at Nonghyup Central Association, Bae Bu-yeol, head of the Management Planning Division at NH Nonghyup Financial Group, and Lim Dong-soon, senior vice president of NH Nonghyup Bank.

According to financial circles on the 13th, NH Nonghyup Financial Group will decide on the reappointment of Kwon Joon-hak, president of Nonghyup Bank whose term expires at the end of this year (pictured), Kim In-tae, CEO of NH Nonghyup Life Insurance, and Kang Sung-bin, CEO of NH Venture, at the executive recommendation committee meeting next week. The biggest focus is on whether the Nonghyup Bank president will be reappointed. Since Nonghyup Bank accounts for the largest portion of NH Nonghyup Financial Group’s performance, keen attention is being paid to the possibility of President Kwon’s reappointment.

Initially, there were speculations in the financial sector that President Kwon’s reappointment was uncertain. There have been very few cases of Nonghyup Bank presidents being reappointed. Although former president Lee Dae-hoon, who took office in 2018, extended his term after one year, most previous presidents stepped down after completing their original terms. A financial industry insider said, “President Kwon is an internal candidate from Nonghyup Bank with considerable control over the bank,” adding, “Ironically, this factor was said to have a negative impact on the next appointment, where the influence of the Central Association plays a role.” However, some opinions suggest that considering management stability following the change in NH Nonghyup Financial Group’s chairman, President Kwon’s reappointment cannot be ruled out.

Inside NH, candidates for the next bank president include Lee Seok-yong, head of the Planning and Coordination Headquarters at Nonghyup Central Association; Bae Bu-yeol, vice president and head of the Management Planning Division at NH Nonghyup Financial Group; and Lim Dong-soon, senior vice president of NH Nonghyup Bank. Lee Seok-yong joined Nonghyup Central Association in 1991 and has served as director of the Secretariat of the Audit Committee at Nonghyup Central Association and head of the Custody Business Center at NH Nonghyup Bank. Vice president Bae Bu-yeol joined Nonghyup Central Association in 1995 and has held positions such as team leader of the Financial Planning Team in the Comprehensive Planning Department at Nonghyup Bank and head of the Daegu Sales Headquarters at Nonghyup Bank. Senior vice president Lim Dong-soon joined Nonghyup Central Association in 1990 and has served as head of the Incheon Regional Headquarters at Nonghyup Central Association, as well as senior vice president in charge of HR support and trust divisions at Nonghyup Bank.

An insider familiar with NH Nonghyup said, “Inside, the possibility of the current president’s continuation and candidates like Lee Seok-yong are being discussed.” Another insider explained, “Since about half of the past Nonghyup Bank presidents have served as vice presidents at NH Nonghyup Financial Group, vice president Bae Bu-yeol also has a chance.”

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