Ex-FSS official named NH NongHyup Financial chair
Lee Chan-woo / Newsis
NH NongHyup Financial Group named former Financial Supervisory Service (FSS) Senior Deputy Gov. Lee Chan-woo as a candidate for the new chairman, the group said Sunday.
Market watchers say the group is prioritizing stable management, as indicated by the appointment of the economic policy expert. His career in public service spans key economic policy departments at the finance ministry. Lee was economic policy adviser to former Presidents Park Geun-hye and Moon Jae-in from 2016 to 2018.
“The economic and financial market conditions have been and will continue to be extremely challenging — all the more so given the martial law fiasco and impeachment proceedings,” an industry watcher said.
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Born in 1966 in Busan, the former senior deputy governor holds a bachelor’s degree in political science from Seoul National University.
The appointment will be formalized at the Feb. 3 extraordinary shareholders' meeting upon completion of the government ethics committee's review by Jan. 24.
The vice chairman of the group will serve as interim chair since the current chairman, Lee Suk-joon’s term will end Tuesday.
The group also nominated NH Capital Vice President Kang Tae-young as the final candidate to lead its flagship affiliate, NongHyup Bank, on Dec. 20.
Meanwhile, NongHyup Life Insurance Vice President Park Byeong-hee and former NH Property and Casualty Insurance Vice President Song Chun-soo were the sole respective CEO candidates for each company.
They are undergoing a screening by the group’s executive recommendation committee and boards of directors for their capabilities and overall qualifications for the job. They will begin their term on Thursday, provided no major issues arise.
Whether the group would be able to address and resolve the slew of irregularities at its bank subsidiary, NH NongHyup Bank, remains to be seen.
The bank was under police investigation in October over a fraudulent loan granted to a borrower that used falsified documents.
According to Rep. Lee Yang-soo of the ruling People Power Party, 81 percent of the irregularities reported over the last five years exceeding 1 billion won ($677,506) at NH NongHyup Bank occurred this year.