Financial watchdog head offers resignation

The head of the South Korean financial watchdog has offered his resignation, its officials said Tuesday, in an apparent move to take responsibility for recent financial scandals.

Financial Supervisory Service (FSS) Gov. Choi Soo-hyun has submitted the resignation letter to the Financial Services Commission (FSC), the top financial regulatory body, citing personal reasons, according to the FSS.

Choi took office in March last year for a three-year term.

Financial Supervisory Service (FSS) Gov. Choi Soo-hyun (Yonhap)

"I thought this was the right time to step down as many issues have been wrapped up well," Choi was quoted as saying in a meeting with his officials.

The FSC accepted Choi's offer and named Zhin Woong-seop, president of the Korea Finance Corp., the state-run policy financing agency, as the next FSS governor.

Choi has been under fire for mishandling the infighting in KB Financial Group Co., the country's second-largest banking giant, and a massive data leak from major credit card firms that rocked the nation earlier this year. (Yonhap)