The Financial Supervisory Service plans to begin an inspection in January to review whether there are any issues in the process of selecting the next chair of BNK Financial Group. The move is seen as following Lee Jae-myung's remarks in a work briefing on the 19th that a "corrupt inner circle" continues to exercise control over the governance of financial institutions.
Earlier, BNK Financial Group convened its Executive Candidate Recommendation Committee and board on the 8th and selected current chair Bin Dae-in as the sole final candidate for the next chair and CEO. If the appointment plan passes at the shareholders meeting in March, Bin's term will be extended to March 2029.
The president said, "Because of the issue of government-directed finance, we were told not to intervene directly, so we do not, but leaving it alone has allowed a corrupt inner circle to form, letting a small group take turns exercising control as they please." Financial Supervisory Service (FSS) Governor Lee Chan-jin said, "We are preparing to launch an inspection into the financial holding companies being mentioned," adding, "We plan to provide a separate report with specifics in January."
The financial sector is watching closely to see whether this FSS inspection will affect not only whether Bin is reappointed but also the selection of financial holding company chairs. Earlier, Shinhan Financial Group recommended current chair Jin Ok-dong as the sole candidate for the next chair. Woori Financial Group Chair Yim Jong-ryong is also among the candidates for the next chair.