KB Financial Group Inc., South Korea‘s No. 2 banking group, said Friday that its new chief will be picked at a shareholders’ meeting slated for mid November.

The Chairman Candidate Recommendation Committee held its second meeting on Friday and decided on the procedure to shortlist candidates, the banking group said.

The committee plans to pick about 100 candidates first and then choose 10 of them in the third round of its meeting to be held on Oct. 2, it said.

After drawing up a shortlist of four candidates, the committee will choose the final candidate before holding a shareholders‘ meeting on Nov. 21.

On Sept. 18, the board of KB Financial Group decided to dismiss its chairman, Lim Young-rok, for a series of management lapses.

(Yonhap)