Cho Yong-byoung, the former chairman of Shinhan Financial Group, delivers a speech during the inauguration ceremony for the chairman of Shinhan Financial Group at the bank's headquarters in Seoul in 2017. (Newsis)

Shinhan Financial Group's former Chairman Cho Yong-byoung has emerged as the final nominee for the chairman position of the Korea Federation of Banks to head the association for the next three years.

In a meeting held on Thursday, the KFB's Chairman Candidate Recommendation Committee chose Cho as the final candidate from a pool of six contenders for the position.

The KFB is slated to hold a meeting on Nov. 27, bringing together representatives from 23 member companies to formally appoint Cho as the chairman.

"Candidate Cho's extensive understanding of the financial industry and exceptional insight make him well-suited for the position,” the committee said in a statement. “Building on this foundation, he is anticipated to contribute to the industry's development amid domestic and international uncertainties."

Born in 1957 in Daejeon, Cho embarked on his banking career at Shinhan Bank in 1984 after graduating from Daejeon High School and Korea University. Progressing through various roles, including New York branch manager and retail division head, he served as the chairman of Shinhan Financial Group from March 2017 to March 2023.

Previously on Nov. 10, the committee had unveiled six candidates including Park Jin-hoe, former CEO of Citibank Korea; Son Byung-hwan, former chairman of NH Financial Group; Yoon Jong-kyoo, current chairman of KB Financial Group; Lim Young-rok, former chairman of KB Financial Group; Cho Yong-byoung, former chairman of Shinhan Financial Group; and Jo Jun-hee, former CEO of Industrial Bank of Korea.

KB Financial Group Chairman Yoon voluntarily withdrew from consideration on the same day the list was disclosed.