Kim Byung-hwan on Term Limits for Financial Holding Chairmen: "Will Review Institutional Necessity"

Kim Byung-hwan, Chairman of the Financial Services Commission, stated on the 26th that he would look into whether there is a need for institutional improvements regarding limiting the term of financial holding company chairpersons.

On the 23rd, Kim Byung-hwan, Chairman of the Financial Services Commission, attended and spoke at an on-site meeting related to the implementation of safe blocking of credit transactions held at the NH Nonghyup Bank headquarters in Chungjeong-ro, Jung-gu, Seoul. Photo by Jo Yong-jun jun21@

On the same day, during the plenary session of the National Assembly's Political Affairs Committee, in response to a question from Kim Hyun-jung, a member of the Democratic Party of Korea, about the need to improve governance surrounding the appointment of financial holding company chairpersons, Chairman Kim said, "I basically think it is a matter to be handled autonomously, but since there are voices raising concerns, I will look into whether there is a need to address this institutionally."

Additionally, amid controversy over Woori Bank providing large-scale improper loans to relatives of the former chairman, when pointed out that this should be considered in the mergers and acquisitions (M&A) promoted by Woori Financial Group, Chairman Kim took a cautious stance. He responded, "Since there were procedures applying standards and regulations as well as certain interpretations, if an application is submitted, the approval will be handled according to the procedures prescribed by law."

Currently, Woori Financial Group is pursuing the acquisition of Dongyang Life Insurance and ABL Life Insurance.

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