Veteran insider recommended as new head of policy bank for smaller firms

SEOUL– An incumbent senior managing director of the Industrial Bank of Korea (IBK) has been recommended to lead the state-run policy bank for smaller enterprises for three years, financial authorities said Friday.

Kim Sung-tae will replace current bank chief Yoon Jong-won, who is set to leave office on Jan. 2, according to the Financial Services Commission (FSC). Kim’s appointment is subject to approval by President Yoon Suk Yeol.

Kim has spent his banking career working in various areas at the IBK for over three decades, including affairs linked to consumer protection and management strategy. He also served as head of IBK Capital.

“We determine him as the right person to faithfully carry out key objectives of the IBK … based on stable leadership emanating from an insider and a sufficient amount of experience and expertise,” the FSC said in a press release.

Source: Yonhap News Agency

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