South Korea’s leading online-only bank Kakao Bank announced Tuesday that Yoon Ho-young, who headed the bank as co-CEO, will now serve as the company’s sole chief.

The online bank has been managed by Yoon and former co-CEO Lee Yong-woo -- who were respectively from mobile messenger firm Kakao and investment company Korea Investment & Securities. The two companies are major shareholders of the bank.

Since Lee left the company in January to run for parliamentary election scheduled on April 15, Yoon has been heading the firm. It had been previously forecast that a new figure would be recommended for the vacant position.

“Kakao Bank has made the decision since Yoon, an expert in both the IT and finance segments, is the right person to drive innovation at the company,” said a CEO nomination committee under the bank.

Yoon used to serve as chief of management support unit at Daum Communication, a precursor of Kakao, from 2009 to 2014 and vice president at the mobile messenger firm from 2014 to 2016.

“Kakao Bank has been seeking new opportunities in the emerging mobile banking segment while trying to innovate the existing financial services from 2017 to 2019,” said Yoon, adding it will spearhead the mobile banking industry with new services.

By Kim Young-won (wone0102@heraldcorp.com)