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11.27 (수)

Leadership shake-up looms for Korea’s major banks

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The leadership terms of South Korea’s four commercial banks are set to expire at the end of 2024, ushering in a period of significant change. Possible leadership changes come as the banks grapple with tasks of curbing household debt and strengthening internal controls in a difficult economic time. The four include KB Kookmin Bank and Woori Bank.

KB Financial Group plans to convene its recommendation committee on November 27th, 2024, to appoint the next leader of its affiliate bank. Incumbent CEO Lee Jae-keun is expected to get another term, as his leadership has delivered solid and reliable performance.

In contrast, Woori Bank is required to carry out major restructuring thanks to a loan scandal involving the improper issuance of loans totaling about 35 billion won ($25 million) by Woori Bank to relatives of Woori Financial Group Chairman Sohn Tae-seung. The controversy has intensified following accusations against Woori Bank CEO Cho Byung-kyu, who was allegedly aware of the loans but failed to report them to supervisory authorities earlier in 2024.

The bank is expected to overhaul its leadership to replace key executives, including the CEO.

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