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KB Financial picks incumbent group president as new chairman

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(Globalpost/GlobalPost)

SEOUL, June 5 (Yonhap) -- KB Financial Group Inc. on Wednesday nominated Lim Young-rok, the incumbent president of the group, as the new chairman at South Korea's No. 2 banking group, officials said.

KB Financial said that its head-selection committee picked the 58-year-old Lim, the group's second-highest official as its new chief to replace Chairman Euh Yoon-dae, who is set to step down in July.

Lim's nomination needs to receive approval from the board and shareholders' meetings slated for July 12.

The nominee spent most of his career as a public servant at the finance ministry and has served as KB Financial's president since August 2010.

The move comes as part of the latest leadership changes in the banking sector amid the financial regulator's push to reshuffle the industry.

KB Financial Chairman Euh, known as a close aide to former President Lee Myung-bak, earlier expressed his intent to resign when his three-year term ends in July, apparently giving in to pressure by the government.

KB Financial is not a state-invested banking group, but the government has often wielded its influences in selecting heads of local banks and other financial institutions, a legacy stemming from state-driven economic development in the 1960s-70s.

On May 23, the state-invested Woori Finance Holdings Co. named Lee Soon-woo, the head of its banking unit, the group's new chairman to replace Chairman Lee Pal-seung.

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http://www.globalpost.com/dispatch/news/yonhap-news-agency/130605/kb-financial-picks-incumbent-group-president-new-chairman