The Korea Herald


NH Financial chief set to resign to lead federation of Korean banks

By Choi Jae-hee

Published : Nov. 24, 2020 - 14:26

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NH Financial Group Chairman Kim Gwang-soo (NH Financial) NH Financial Group Chairman Kim Gwang-soo (NH Financial)

NH Financial Group Chairman Kim Kwang-soo is likely to offer resignation soon as he was named the sole candidate to represent the nation’s largest bankers’ club, according to reports quoting insiders said Tuesday.

On Monday, board members of the Korea Federation of Bank unanimously nominated Kim, among six other candidates. The federation is set to hold a general meeting on Friday to put Kim’s nomination to vote. If elected, Kim will officially start his term on Dec. 1, replacing the organization’s incumbent head Kim Tae-young.

“Recognized for his long experience in the banking sector, Kim will boost digital transformation of local banks amid the coronavirus pandemic,” the KFB official said. Established in 1928, the federation is an association promoting the interests of 22 domestic banks. 

With Kim widely expected to take the baton to lead the federation, NH Financial Group is likely to begin the process of finding a new chief.

If Kim tenders his resignation, Kim In-tae, NH Financial’s incumbent vice president, is expected to act as the group’s interim CEO, officials said. 

Under the banking group’s bylaw, the chairman’s vacancy has to be filled within 40 days after it initiated leadership transfer procedures.

Kim, 63, was former civil servant who climbed the ladder by serving key posts at the Finance Ministry and the Financial Services Commission. The chairman also joined President Moon Jae-in’s election campaign before becoming the chairman of NH Financial Group in 2018.

He was tapped to lead the group for another year in April, in recognition for his expertise in digital finance. 

Kim studied economics at Seoul National University and passed the civil servant exam in 1983, the same year the incumbent FSC Chairman Eun Sung-soo did. 

By Choi Jae-hee (