Seo Yu-seok, head of the Korea Financial Investment Association, said on the 17th that he will seek another term.
That morning, Seo held a press briefing at a cafe in Yeouido, Seoul, and stated accordingly, "I have decided to run in the 7th association chief election."
Seo said, "I am confident I can contribute more than other candidates to the development of the financial investment industry and the capital market," adding, "Going forward, as an association chief who serves our member firms as the owners and works for them, I will tackle the tasks facing our member firms and the capital market one by one, and as in the past three years, I am confident of delivering tangible results."
He went on, "Over the past three years while carrying out the duties of association chief, I have built close relationships with the financial authorities, the government, ruling and opposition lawmakers, related institutions and key figures," adding, "I have become a member firm asset too valuable to use once and discard."
Seo also said, "I am the right person to lead the era beyond KOSPI 5,000," adding, "I will take the lead in leveling up the financial investment industry and the capital market and in making Korea an Asian financial hub."
As for why he did not take part in the Candidate Recommendation Committee, he said, "Participating in the recommendation committee could cause controversy among other candidates, so I did not participate to eliminate any room for controversy."
Regarding the recent controversy over special favors for former officials, he said, "There is a misunderstanding. We signed an advisory contract with the former chief as a one-off individual agreement," adding, "Nothing has been institutionalized."
He added, "In case there is any room for misunderstanding on that front, when I step down I will not enter into any advisory contract related to the association that could be seen as special favors for former officials."
So far, Hwang Sung-yeop, president of Shinyoung Securities, and Lee Hyun-seung, former CEO of KB Asset Management, have officially declared their candidacies in the association chief election. If Seo joins, the race appears likely to become a three-way contest. Seo is currently in the paperwork stage of obtaining recommendations from member firms as part of the candidate registration process.
A senior official at Mirae Asset Group said, "Until now, the association chief has been a position filled by the person in the industry with the most suitable capabilities, and there have been no consecutive terms," adding, "We think it is appropriate to carry out the role of chief in sequence going forward as well."
The association will close applications for candidates by the 19th. It then plans to elect the next chief through a member firm general meeting vote next month.