Kim Joon-sung, the founder of the Isu group, died of a chronic disease Friday. He was 87.

Kim established the nation’s first provincial bank in Daegu in 1967, and had served as the governor of the Bank of Korea and the Korea Development Bank. He also served as the finance minister in 1982.

In 1987 he served as chairman of the Samsung Electronics and in 1998 moved to the now-defunct Daewoo Corp.

Since 1969, the Isu Group has been engaged in businesses ranging from chemicals and finance to automotive parts.

The businessman was also interested in writing and published many short stories and novels.

Kim is survived by three sons and two daughters.

His funeral ceremony will be held at Asan Medical Center in Songpa-gu, southern Seoul on Aug. 28 and his body will be buried at the Daeji Cemetery in Eunseong-gun, North Chungcheong Province.