KB Financial Group chairman Euh Yoon-dae said Monday that he would not seek a second term after his tenure expires in July.
Euh, however, expressed his willingness to finish out the remainder of his first term until July 12 during a news briefing at KB Financial headquarters in downtown Seoul.
Euh, who has held the post since July 2010, has been under continued pressure to step down under the Park Geun-hye administration.
Along with Woori Financial Group chairman Lee Pal-seung, Euh was regarded as one of the few close confidants of former President Lee Myung-bak in the financial sector.
Two weeks ago, Woori Financial chief Lee expressed his willingness to resign before the end of his term. The second term of Lee, who first took office as the chairman in June 2008, was scheduled to expire in March 2014.
So far this year, several high-ranking figures in the financial industry have tendered their resignations.
Among them are former Financial Services Commission chairman Kim Seok-dong, former Fair Trade Commission chairman Kim Dong-soo and former National Pension Service chairman Jun Kwang-woo.
Former Smile Microcredit Bank chairman Kim Seung-yu, who was a college classmate of ex-President Lee, also joined the move.
By Kim Yon-se (firstname.lastname@example.org