Kim Sung-tae, head of IBK, finished his term and stepped down on the 2nd. With no successor named yet, Executive Vice President Kim Hyeong-il will serve as acting president for the time being.
According to Industrial Bank of Korea (IBK), Kim stepped down without a farewell ceremony that day. The farewell message was delivered through the in-house broadcast.
In his farewell message, Kim emphasized that during his term, more than 200 trillion won in loans to small and midsize businesses were supplied, and total assets surpassed 500 trillion won. He also urged the bank to transform into a trusted IBK by ensuring that all work is handled within the bounds of laws and principles.
The selection of the next IBK president is expected to proceed soon. With internal candidates recently appointed to lead state-run banks such as Korea Development Bank and Export-Import Bank of Korea, there is speculation that an internal candidate will also be tapped to lead Industrial Bank of Korea (IBK). The IBK chief is recommended by the Financial Services Commission chair and appointed by the president.