Selection of next Korea Federation of Banks chairman gathers pace; first nomination committee meeting on the 10th

[Financial News] As Cho Yong-byoung’s term as chairman of the KFB nears its end, the process of selecting the next chairman is gathering pace. 
According to financial industry sources on the 6th, the KFB’s chairman candidate recommendation committee will hold its first meeting on the 10th and begin selecting a pool of candidates for the next chairman. Cho’s term runs through the 30th of this month. The new chairman will serve a three-year term starting December 1. 
The KFB board of directors consists of Cho and the heads of 11 member banks. The board recommends and vets candidates through the committee, with the final appointment made at a general meeting of members. 
Those being mentioned as possible candidates for the next chairman include Yoon Jong-kyu, a private-sector candidate and former chairman of KB Financial Group Inc., and Park Jong-bok, former head of Standard Chartered Bank Korea Limited. Among candidates with government backgrounds are Yoon Jong-won, former head of Industrial Bank of Korea (IBK); Lee Chan-woo, chairman of NH Financial Group Inc.; and Eun Seong-soo, former chairman of the Financial Services Commission.
Attention is focused on whether the next chairman will come from the private financial sector or the government. The immediate predecessor, Kim Kwang-soo, came from government, while current chairman Cho has a private-sector background. With the government recently calling for a stronger role for the banking sector, the next chairman’s ability to coordinate policy with financial authorities is also expected to be an important factor in the selection. 
[email protected] Lee Hyun-jung Reporter