With the pool of candidates for the next president of the Bankers Association finalized at six, the competitive landscape among the contenders is becoming clearer.
Financial industry insiders assess that former KB Financial Group Chairman Yoon Jong-gyu leads the race, followed closely by former Standard Chartered Bank Korea President Park Jong-bok. Former IBK Industrial Bank of Korea President Yoon Jong-won, the only candidate with a government background, is considered the next contender. The final candidate will be decided on the 23rd.
According to financial industry sources on the 13th, the Bankers Association Presidential Candidate Recommendation Committee (Recommendation Committee) held its second meeting at a location in Seoul that morning and selected six provisional candidates: former Hana Bank President Kim Han-jo, former Standard Chartered Bank Korea President Park Jong-bok, former NH Financial Group Chairman Son Byung-hwan, former KB Financial Group Chairman Yoon Jong-gyu, former IBK Industrial Bank of Korea President Yoon Jong-won, and former Woori Bank President Lee Won-deuk.
The candidate pool selected on Friday is the result of each of the 12 Recommendation Committee members recommending one candidate. However, specific details, such as how many recommendations each candidate received, have not been disclosed. Since this is still the recommendation stage, it remains to be seen whether the current support structure will hold until the final appointment.
The individual currently assessed as leading the race is former Chairman Yoon Jong-gyu. Former Chairman Yoon led KB Financial for nine years from 2014 to 2023 and concurrently served as president of Kookmin Bank in his early tenure.
He possesses experience managing both a financial holding company and a bank, along with high recognition within the financial sector. During the selection process for the Bankers Association president in 2023, he was included in the provisional candidate pool but declined; however, he received recommendations from committee members again this time.
The individual trailing former Chairman Yoon is former President Park Jong-bok. Former President Park joined First Bank in 1979 and, after serving as head of the Sales Division and head of the Retail Finance Division, led Standard Chartered Bank Korea for approximately 10 years from 2015 to early 2025. His long-standing relationships built through discussions with incumbent bank presidents on industry issues, along with his banking management experience, are cited as competitive strengths. He currently serves as an outside director of Shinhan Financial Group.
It is also a point of interest to what extent former President Yoon Jong-won, who has a government background, will serve as a variable in the competition between the two. Former President Yoon entered public service through the 27th Administrative Civil Service Examination and served as Director-General of Economic Policy at the Ministry of Economy and Finance and as Chief of Staff for Economic Affairs at Cheong Wa Dae before becoming president of Industrial Bank of Korea. Although he has experience in both policy and banking management, it is understood that support from Recommendation Committee members has not significantly coalesced around him so far. The key issue will be whether he can broaden his base of support before the final candidate selection.
Former Chairman Son Byung-hwan, former President Lee Won-deuk, and former President Kim Han-jo are currently assessed as being in a relatively weak position. Former Chairman Son served as president of Nonghyup Bank and chairman of Nonghyup Financial Group, while former President Lee served as senior vice president of Woori Financial Group and president of Woori Bank. Former President Kim served as president of Hana Bank and vice chairman of Hana Financial Group. All possess experience in managing banks or financial holding companies, but it is reported that support has not yet gathered to the extent necessary to threaten the leading group. However, in the cases of Chairman Son and President Lee, since they have not been out of their previous positions for long, there is a possibility they could expand their pool of supporters.
The Recommendation Committee will review the candidates on the 23rd and select one final candidate. Subsequently, the next president will be confirmed through a resolution at the general meeting of members. The term of current Bankers Association President Cho Yong-byung runs until the 30th of this month.
in FINANCE
