Bahk Byong-won, former presidential secretary for economic affairs, has been nominated chairman of Korea Federation of Banks.

The KFB is poised to appoint the 59-year-old to the post at a decision-making meeting on Nov. 23.

Bahk, who will replace current KFB chairman Shin Dong-kyu, worked as a senior aide to President Lee Myung-bak between 2008 and 2009 and was chairman of state-run Woori Financial Group between 2007 and 2008.

He had mostly served in the government as a public official. Before working as Woori Financial chairman, he took the post of vice minister at the Finance Ministry during the Roh Moo-hyun administration.

He started his career at the Economic Policy Planning Agency, a predecessor of the Ministry of Strategy and Finance, in 1975.

He also served as a director of the Institute Of International Finance.

The nominee graduated from Kyunggi High School and Seoul National University, while obtaining his masters degree in economics at the University of Washington.

By Kim Yon-se (kys@heraldcorp.com)