Financial industry heavyweights compete to head banking lobby

With the Korea Federation of Banks (KFB) set to appoint its next chairman, several former financial executives and regulators are emerging as potential candidates to take the helm of the country’s leading banking lobby, according to industry officials on Friday. The federation represents 23 full members — commercial, regional and internet-only lenders — as well as 33 associate members, comprising branches of foreign banks. The incumbent, Cho Yong-byoung, is due to leave office on Nov. 30. Yoon Jong-kyoo, former chairman of KB Financial Group, has long been viewed as a front-runner. He served as a vice chairman at accounting firm Samil PwC and president of KB Kookmin Bank before leading KB Financial from 2014 to 2023, overseeing major acquisitions including LIG Insurance and Hyundai Securities. But the prospect of another KB Financial veteran taking a top post at a financial industry association has drawn growing resistance. The concern has intensified after Lee Dong-chul, a former KB Financial vice chairman, took the helm of the Credit Finance Association this year, followed by Kim