From Vice Chairman to Repeat Examinees... Nine Candidates Compete for Saemaeul Geumgo Central Association President

By-election for Saemaeul Geumgo Central Association President on the 21st
First direct election... 9 candidates registered

Nine candidates have thrown their hats into the ring for the Saemaeul Geumgo Central Association Chairman election scheduled for the 21st. The candidates are diverse, ranging from former central association executives such as Kim In, former Vice Chairman of the Saemaeul Geumgo Central Association (Chairman of Namdaemun Saemaeul Geumgo), and Kim Hyun-soo, former director of the Saemaeul Geumgo Central Association (Chairman of Deo Joeun Saemaeul Geumgo), to third-time candidates.

According to the Central Election Commission and the Saemaeul Geumgo Central Association on the 8th, nine candidates completed their registration for the by-election held from the 6th until the previous day.

The candidates include former Vice Chairman Kim, former Director Kim, Lee Soon-soo, former Chairman of Anyang Nambu Saemaeul Geumgo, Yong Hwa-sik, Chairman of Songjeong Gunja Saemaeul Geumgo, Lee Hyun-hee, Chairman of Buk Gyeongju Saemaeul Geumgo, Choi Cheon-man, Chairman of Bupyeong Saemaeul Geumgo, Woo Gi-man, Chairman of Namwon Saemaeul Geumgo, Kim Kyung-tae, Chairman of Woori Yongin Saemaeul Geumgo, and Song Ho-seon, CEO of MG Credit Information. According to the Saemaeul Geumgo Central Association Executive Election Regulations, former Vice Chairman Kim and former Director Kim resigned from their central association executive positions upon running for chairman.

This election is a by-election held following the resignation of former Chairman Park Cha-hoon, who is currently on trial for bribery charges. The new chairman’s term will last until March 14, 2026. Saemaeul Geumgo, with total assets reaching 280 trillion won, faced various corruption issues including embezzlement this year and even experienced a bank run (massive withdrawal of deposits). As the organization is now pursuing management innovation such as the introduction of a professional management system, expectations for the new chairman are particularly high.

Notably, this election is conducted by direct voting involving all 1,291 Saemaeul Geumgo chairpersons, making the possible outcomes more diverse. Previously, the Saemaeul Geumgo Central Association chairman was elected through an indirect system where about 350 delegates voted.

The two candidates currently receiving the most attention are former Vice Chairman Kim and former Director Kim. Due to their frequent exposure and backgrounds as central association executives, many view the race as a likely two-way contest. In particular, former Vice Chairman Kim has served as acting chairman since August and is well-versed in the central association’s affairs, giving him an advantage in terms of continuity of work. He is considered a close associate of former Chairman Park. On the other hand, former Director Kim emphasizes his position as a counterpoint to former Chairman Park.

There is also a third-time candidate in this election. Lee Soon-soo, former Chairman of Anyang Nambu Saemaeul Geumgo, ran for central association chairman in the 17th and 18th elections and is showing strong enthusiasm for the position in his third attempt. As a three-term chairman, he has extensive experience with the central association as a delegate and as a member of the Depositor Protection Reserve Management Committee, as well as regional credit union experience.

However, since all 1,291 credit union chairpersons are participating, there is speculation that the election may unfold differently from the previous indirect system, which favored central association insiders. Some believe that candidates based in the metropolitan area without strong regional ties may have an advantage. A representative from one candidate’s camp said, "While there is a view that central association insiders with regional headquarters are favored because it is impossible to meet all chairpersons nationwide, since this is a direct election, it is difficult to make premature predictions."

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