At 7:15 a.m. on November 13 at an undisclosed location in Seoul, banking executives began arriving ahead of the 7:30 a.m. opening of the second Korea Federation of Banks leadership recommendation committee.
Arriving first, Busan Bank CEO Kim Sung-joo stated he “really didn’t know” when asked whom he would recommend as the next chief, and laughed when told of figures circulating in rumors, saying reporters knew more than he did, according to 머니투데이.
Despite gathering to pick a new industry leader, the arriving executives kept details about specific candidates to themselves, focusing instead on the role ahead and the difficulties facing the banking sector.
KFB Chairman Cho Yong-byoung said that the necessary requirement for the next head is “someone who can well execute the KFB’s vision,” which aims to drive banking innovation and the transition to a high-value industry.
“[The next head] should be someone who can well execute the KFB’s vision,” said Cho Yong-byoung, Chairman of the Korea Federation of Banks.
Arriving next, Woori Bank CEO Jung Jin-wan said that “the banking industry is difficult, so we need to look at those points,” signaling the need to discuss sector challenges rather than evaluate specific candidates.
Other attendees similarly declined to lock down a candidate pool ahead of the meeting. Korea Development Bank Chairman Park Sang-jin stated he “didn’t know who is being discussed” and planned to talk it over during the session. Shinhan Bank CEO Normal Hyuk stated he “would talk if [he] knew something, but [he] doesn’t know anything yet.”
Questions also arose on-site regarding the nomination process itself, with critics noting that without enough information on candidates’ capabilities and suitability, individual recommendations might simply lead committee members to back figures they have personal ties to, as reported by 머니투데이.
The breakfast meeting convened with 11 of the 12 committee members present. KB Kookmin Bank CEO Lee Hwan-joo missed the session due to an overseas business trip. The committee consists of Chairman Cho alongside the heads of 11 member banks: KB Kookmin, Shinhan, Hana, Woori, SC First, Sh Suhyup, Korea Development, Industrial Bank of Korea, NH Nonghyup, BNK Busan, and K Bank.
Committee members can recommend up to one candidate each or choose to make no recommendation. Financial circles are tracking potential contenders from the private sector, including former KB Financial Group Chairman Yoon Jong-gyu and former SC First Bank CEO Park Chong-bok, alongside bureaucrat-turned-candidates such as former IBK CEO Yoon Jong-won, NH Nonghyup Financial Group Chairman Lee Chan-woo, and former Financial Services Commission Chairman Eun Sung-soo.
The committee is slated to discuss nominated figures and narrow down a provisional candidate list following the meeting.
A similar provisional list was made public after the second committee meeting in 2023, which featured six names: former Korea Citi Bank CEO Park Jin-hoe, former NH Nonghyup Financial Group Chairman Sohn Byung-환, then-KB Financial Group Chairman Yoon Jong-gyu, former KB Financial Group Chairman Lim Young-rok, former Shinhan Financial Group Chairman Cho Yong-byoung, and former IBK CEO Cho Jun-hee.
