South Korean banks begin search for new association chief

The Korea Federation of Banks (KFB) has begun the process of selecting its next chairman, with former banking executives and senior government officials emerging as potential candidates to succeed incumbent Cho Yong-byoung.

The federation’s chairman recommendation committee held its first meeting by video conference at 8 a.m. Tuesday to launch the selection process, according to financial industry sources.

Cho’s term expires on Nov. 30, and the committee is expected to announce an initial list of candidates on Nov. 13.

Potential candidates from the private sector include Yoon Jong-kyoo, former chairman of KB Financial Group, and Park Jong-bok, former chief executive of Standard Chartered Bank Korea.

Former government officials reportedly under consideration include Yoon Jong-won, former chairman and chief executive of Industrial Bank of Korea; Lee Chan-woo, chairman of NH Financial Group; and Eun Sung-soo, former chairman of the Financial Services Commission.

The federation has historically alternated between leaders drawn from the private banking sector and those with backgrounds in government service.