With many of the heads of South Korean financial associations and institutions reaching the end of their terms in November and December 2023, the search to find their successors has begun in earnest. As the positions guarantee benefits including a high salary, various figures from former bureaucrats to current senior figures in the financial sector are being named as potential candidates. But there are also concerns that these candidates are mostly aged 70 and up, and thus do not fit with the current financial world.

According to the financial circle on Wednesday, the Korea Federation of Banks (KFB) will hold a board meeting on October 30 to begin electing its next president. Following the KFB, Seoul Guarantee Insurance Co. (SGI), General Insurance Association of Korea (GIAK), and the Korea Life Insurance Association (KLIA) will also elect their heads until the end of 2023.

The financial industry predicts that the current heads are unlikely to be re-elected as they began their terms under the previous Moon Jae-in administration. Kim Kwang-soo, the incumbent KFB chairman, will serve until November 30, 2023. The competition to replace Kim is fierce, with officials from the private and governmental sectors named as candidates, including Hur Yin, a vice chairman at KB Financial Group Inc. who recently joined the race to become that group’s chairman and a Seoul National University Law School graduate. Former chief executive officers from financial companies are also being mentioned, including Son Byung-hwan, former CEO of NongHyup Financial Group Inc, and Cho Jun-hee, former head of the Industrial Bank of Korea (IBK).

The term of SGI’s incumbent president and CEO Yoo Kwang-yeol also ends on November 30. He is expected to be succeeded by Lee Myung-soon, the senior deputy governor of the Financial Supervisory Service (FSS) who has also served as a standing member of the Financial Services Commission’s Securities and Futures Commission. Yoo is also a former FSS senior deputy governor.

Chung Hee-soo, the incumbent KLIA chairman, will serve until December 8. Chung is a three-term lawmaker, and former lawmaker Yoon Jin-sik is looking to succeed Chung. Yoon is known to be an economic advisor to President Yoon Suk Yeol, and other names mentioned include KDB Life Insurance Co. Chairman Lim Seung-tae and Shinhan Life CEO Sung Dae-gyu.

Chung Ji-won, the incumbent GIAK chairman, will see his term end on December 22. Hur Kyung-wook, former first vice minister of the Ministry of Economy and Finance, is cited as the next head of the next GIAK chairman. Hur is known to have played a key role in the economic and financial matters in the early stages of the incumbent Yoon government.

By Chae Jong-won and Choi Jieun

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