Korea Development Bank’s new Chair and CEO Park Sang-jin on Monday emphasized the state-run lender’s mission to support key strategic sectors as part of efforts to boost national productivity.
“With finance taking on a greater function as a policy tool for nurturing future growth industries and supporting the real economy, KDB’s role as one of Korea’s main policy finance institutions is becoming increasingly critical,” Park said at his inauguration ceremony at the bank’s Yeouido headquarters.
He set out three priorities: Enhancing the productivity of Korea’s financial system by backing advanced strategic sectors; driving inclusive growth through support for small businesses, startups and regional industries; and improving productivity while advancing structural reforms in traditional core sectors.
Park’s appointment, announced last week, ends a three-month leadership vacuum following the departure of his predecessor in June. The process had been delayed, along with other policy finance appointments, as the government finalized a reorganization plan for its financial and economic regulators.
A veteran of the bank, Park is the first former employee to rise to the top post. He joined KDB in 1990 and built a career specializing in corporate restructuring and regulation, earning a reputation as a seasoned expert in both fields. He previously served as KDB’s compliance chief before leaving the bank in 2019 and is known to be a close acquaintance of President Lee Jae Myung from their time studying law at Chung-Ang University.
“As someone who has devoted more than three decades to KDB, I feel a heavy sense of responsibility in taking on this role and vow to dedicate myself fully to contributing to the Korean economy, together with everyone at KDB,” he said.
jwc@heraldcorp.com
