Chin Young-wook, president & CEO of the state-controlled Korea Finance Corp., stepped down from his post on Monday though his term was scheduled to expire in August 2014.
Over the past few months, Chin has opposed the move of financial authorities to revamp state-policy financing by merging the state-run KDB Financial Group and the KoFC by July 2014.
Financial authorities announced last month that the separate functions of KDB Financial and the KoFC would be re-integrated five years after the latter was spun off from the financial group in 2009.
The coming merge involves KDB Financial’s takeover of the KoFC’s domestic function of project financing for small and mid-sized enterprises.
KDB Financial is projected to play a more significant role as a policy-financing firm under the Park Geun-hye administration, along with the Export-Import Bank of Korea.