With Cho Yong-byung's term as chair of the Korea Federation of Banks set to expire on Nov. 30 this year, talk is already swirling about the next chair. Former KB Financial Group Chairman Yoon Jong-kyu is being mentioned as a strong contender, while former Industrial Bank of Korea (IBK) President Yoon Jong-won and former Standard Chartered Bank Korea CEO Park Jong-bok are also being discussed.
According to the financial sector on the 18th, the next chair candidate recommendation committee for the Korea Federation of Banks is expected to be formed around September. The chair serves as a bridge between the financial authorities and the banking industry. Once the board recommends a candidate, the person is elected by a majority vote at a general meeting of full member institutions.
The former chair achieved an unprecedented third consecutive term since KB Financial Group was founded and led KB Financial for nine years. During the tenure, the former chair acquired LIG Insurance, Hyundai Securities, and Prudential Life, significantly expanding the nonbanking portfolio and stabilizing the revenue structure, earning credit for making KB Financial the leading bank.
Currently serving as a management advisor (advisor) to KB Financial Group, the former chair has been active since the second half of last year. In a recent media interview, while explaining the role of banks, the person also mentioned the Korea Federation of Banks. A financial industry official said, "(The former chair) is not someone who would mention the federation without any thought."
Former Industrial Bank of Korea (IBK) President Yoon Jong-won and former Standard Chartered Bank Korea CEO Park Jong-bok are also being floated as candidates. A 27th class passer of the administrative examination, the former IBK chief served as director-general of economic policy at the Ministry of Economy and Finance and as senior presidential secretary for economic affairs. During the Moon Jae-in administration, the person led policies to support financing for small and medium-sized corporations as IBK chief.
Park served as bank chief from 2015 to 2025, earning the title of "longest-serving bank chief." When he took office, Standard Chartered Bank Korea was in the red, but he overhauled its structure into a bank generating around 300 billion won in net profit. Park is currently an outside director at Shinhan Financial Group.
In the financial sector, the former chair is seen as the leading candidate, but there are also voices noting that many association chief posts are being filled by people from KB Financial. Recently, former KB Financial Vice Chairman Lee Dong-chul was designated to lead the Credit Finance Association, and the chair of the Korea Fire Insurance Association will also be taken by Kim Ki-hwan, former head of KB Insurance. However, some note that in the past 10 or so years, there have been no cases of someone from KB Kookmin Bank or KB Financial Group serving as an association chief.