Lee Kwang-hee, nominee for Standard Chartered Bank Korea CEO (Standard Chartered Bank Korea)

Standard Chartered Bank Korea has appointed Lee Kwang-hee, managing director and executive vice president, as its new CEO, the global lender said Friday. Lee, recognized as an expert in corporate banking, will succeed the outgoing CEO, Park Jong-bok.

"A detailed evaluation was conducted on the nominees' leadership in the financial sector, willingness to share the bank’s vision, efforts for boosting public interest and sound business administration," the bank's executive candidate recommendation committee said Friday, following a two-day meeting. The committee consists of three outside directors.

Lee received the highest evaluation among the candidates, recognized for his professional and global experiences and capabilities, outstanding leadership and effective communication skills, according to the committee.

Lee holds a bachelor's degree in Economics from Wesleyan University and a master’s degree in business administration from the University of Chicago.

Lee has experience working at global investment companies, including Merrill Lynch International and UBS Securities. He joined SC Bank Korea in 2010. His expertise lies in corporate banking, having supported the global expansion of corporate clients by utilizing the lender’s overseas network, according to the bank.

Lee supported the bank achieve robust operating profits and strong returns on tangible equity over the past five years as its managing director, through balanced growth in profit and effective asset quality management, SC Bank Korea explained.

The appointment of Lee will be confirmed on Sept. 27 through a meeting of shareholders and board meetings. If approved, his three-year term will begin Jan. 8.

Meanwhile, the incumbent CEO Park is to wrap up his 10-year tenure as the bank’s chief on Jan. 7.

In late August, the lender announced Park shared his will to retire when his term ends. He took the post as its CEO in 2015 and his term was renewed four times. Park will continue to serve as the bank’s advisor after retirement.

Park was the first Korean national CEO of the lender since the London-based banking giant acquired Korea First Bank in 1999. SC Bank Korea turned a profit in 2016, within a year of his inauguration.