SEOUL, The minor opposition Bareunmirae Party (BP) is set to elect a new floor leader Monday following its crushing defeat in the latest elections.

Two-term lawmakers Kim Kwan-young and Lee Un-ju are competing to succeed incumbent Kim Dong-cheol.

The party suffered a huge defeat in the June 13 local elections and parliamentary by-elections. It won none of 17 big-city mayoral and gubernatorial posts and 12 vacant parliamentary seats in the first nationwide polls for the party.

The Bareunmirae Party came into being in February through a merger of two center-right and center-left parties, in what is seen as a bold experiment in South Korea's politics long dominated by regional and ideological divisions.

The party faces its biggest crisis following the election defeat. Its co-heads and senior officials recently resigned and Ahn Cheol-soo, its key founder, is pondering his political future after finishing in third place in the Seoul mayoral race.

Source: Yonhap News Agency