The Korea Herald


KB Kookmin Bank CEO seeks 2nd term

By Im Eun-byel

Published : Nov. 30, 2023 - 18:12

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KB Kookmin Bank CEO Lee Jae-keun (KB Kookmin Bank) KB Kookmin Bank CEO Lee Jae-keun (KB Kookmin Bank)

KB Kookmin Bank CEO Lee Jae-keun has been nominated for a second term as the head of the nation’s top lender, KB Financial Group said Thursday.

In a meeting held earlier in the day, the group’s CEO candidate recommendation committee named Lee as the sole and final candidate as the bank’s next CEO. Lee, 57, has been holding the top post since January 2022.

Lee is recognized for his experience in crucial posts, such as sales, finance, strategy and more, and for his understanding of customers and the market, being able to push detailed initiatives for growth, the group said.

“Lee has shown remarkable performance since taking the post in 2022 despite unfavorable business circumstances such as the COVID-19 pandemic and the global economic slowdown. He showed the capability for transformation and innovation to lead sustainable growth as a leader who stresses actions,” the committee said in a press release.

The committee added that it considered the importance of consistent business strategies for the long term and the need for stable management of the bank.

Under his leadership, the bank has succeeded in winning back the nation’s top lender title.

In the third quarter of this year, the bank recorded 996.9 billion won ($769.9 million) in net profit, the highest among the nation’s top five commercial banks. If the bank continues its winning streak, industry watchers say the bank’s net profit for the full fiscal year is highly likely to exceed 3 trillion won.

Prior to the CEO post, Lee was the bank’s senior executive vice president of the sales division. He was the youngest CEO in the nation’s banking industry when he was appointed at 55.

His appointment will be voted on at a shareholders meeting in December. If approved, his term will be extended for another one year.