Lee Jae-geun, the division head of KB Financial Group who was selected as the final candidate for the next chairmanship of KB Financial Group, began with a bold statement. He declared that being No. 1 in Korea holds no meaning and expressed his ambition to become a true 'Leading Financial' group that sets new standards, not just achieving first place in performance. Observations suggest he will focus on bold changes and innovation going forward.
Lee Jae-geun, the candidate for chairmanship of KB Financial Group, met with reporters on his way to work at the KB Kookmin Bank headquarters in Yeouido, Seoul, on the morning of the 14th, stating, "I will play a significant role in establishing KB Financial Group as a truly leading financial group not only in Korea but also in the global market."
The message emphasized by the candidate today is the direction of 'Leading Financial.' KB Financial Group currently holds the undisputed No. 1 position among domestic financial holding companies. It entered the '5 trillion won club' for net profit for the first time in the history of financial holding companies in 2024, achieved a net profit of 5.843 trillion won last year, and recorded a net profit of 3.8846 trillion won in the first half of this year, a 13.1% increase compared to the same period last year, maintaining its lead over the second-place competitor. Its stock price also exceeds 170,000 won.
Nevertheless, the candidate stated, "What does it mean anymore to be No. 1 among domestic financial groups?" and added, "I am taking seriously the message not to rest on our laurels as the leader." This is his interpretation of why he was selected as the next leader to usher in a new era for KB Financial Group after Yang Jong-hui (Chairman), who achieved record-breaking performance, failed to secure reappointment. It means that in a domestic market where being No. 1 is already established, simply maintaining the top position cannot be highly evaluated. For this candidate, proving his own significance requires achievements that surpass 'No. 1 in Korea,' which is interpreted as presenting a vision toward the relatively vulnerable global market.
He has experience leading the normalization of KB Bank Indonesia (formerly Bukopin Bank) during his tenure as president of Kookmin Bank. A KB Financial Group official stated, "When the Bukopin crisis worsened, he was appointed as bank president like a savior and carried out various normalization tasks; many evaluations suggest that those efforts have continued to bring Bukopin back on track for normalization."
It is also interpreted that the candidate's sense of crisis is not unrelated to the fact that the traditional growth strategy of bank-based financial holding companies has hit limits due to changes in the financial paradigm, such as 'money move,' where funds are flowing into capital markets, and AX (AI transformation). The candidate said, "The fate of a financial group depends on whether it can properly respond to the AI era over the next three to five years."
He also redefined the meaning of leading. The candidate explained, "If we talk about the meaning of leading, it is about creating new standards and benchmarks for the industry," and added that he would demonstrate the image of a Leading Bank in terms of inclusive finance and productive finance as well.
In the financial sector, there are evaluations that this candidate's opening remark reflects his confidence. He is known within KB Financial Group as a 'genius' who is adept with numbers and as a 'youngest-ever president' bank man with outstanding work capabilities. He joined Woori Bank in 1993, served as the branch manager of KB Kookmin Bank Pangyo Techno Valley, and went through key positions including secretary to the chairman of KB Financial Group, finance Gi Hoek-dam-dang (SVP), executive vice president and head of the sales group at Kookmin Bank, and president of Kookmin Bank, gaining experience in both finance and sales.
He actually graduated from the Department of Mathematics at Sogang University, earned a master's degree in economics from Sogang University Graduate School, and obtained a master's degree in financial engineering from KAIST. He is known as a strategist who is strong in data and meticulous. Some point out that unlike Yang (Chairman), he has not experienced being a non-bank CEO (chief executive officer), which could be a weakness; however, there are also analyses suggesting this weakness will be compensated by his role as head of the global division at the holding company, where he has overseen all subsidiaries.
The candidate is known to listen well to those around him and be cautious, yet possess strong leadership with drive. A KB Financial Group official said, "He listens to colleagues and seniors/juniors and gathers opinions from others before making judgments," adding, "As someone knowledgeable in sales, once he gets interested in something, his drive is strong. He is not stingy with praise and always starts by offering encouragement, even during his time as bank president."
Regarding the hot topic of 'generational change,' the candidate stated, "It is not merely a concept limited to age. The ability to make decisions more quickly and responsibly is what youth means, and that is the meaning of generational change." On the direction of organizational restructuring, he said, "I am considering how to provide a workplace where employees can work enthusiastically," and added, "Rather than concentrating power in the chairman's hands, I aim for an organization that operates through processes and systems."
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