NongHyup Financial Group has tapped a former state-run bank chief as its new chairman to succeed Yim Jong-yong, who was recently appointed head of the Financial Services Commission.

The chairman selection committee on Monday recommended Kim Yong-hwan, former president of the Export-Import Bank of Korea, as the sole candidate to fill the chairman’s post of the banking group.
 
“Having served key posts in the Finance Ministry, Financial Supervisory Service and Korea Eximbank, Kim has (an) in-depth understanding of financial affairs in general,” the financial group said in a press release.

“He was most distinguished in securities, insurance and international financing.”

Under the leadership of former chairman Yim Jong-yong, the agricultural cooperative-based banking group drastically expanded its securities and insurance sectors by taking over Woori’s brokerage houses.

NH Financial became the nation’s fourth-largest banking group by assets and was No. 1 in investment securities.

By Bae Hyun-jung (tellme@heraldcorp.com)