Postponed the announcement of the credit union meeting
The vacancy of heads of financial public institutions such as Shinbo continues
As Kim Joo-hyun, former president of the Korea Credit Finance Association, officially took office as the chairman of the Financial Services Commission, attention is focused on the next president of the Korea Credit Association. However, the appointment of the president of the association is likely to be delayed as the appointment of the heads of some financial institutions has not been completed.
According to the financial industry on the 17th, on the 11th, Kim Joo-hyun, former president of the Korea Credit Association, was officially inaugurated as the Financial Services Commission Chairman. Starting with the inauguration of the Financial Services Commission, the credit industry expects Inseon, the next president of the credit union, to be on the same track. However, the Credit Association’s Presidential Candidate Recommendation Committee decided to postpone the announcement of the candidate for the next president of the Association through internal discussion.
Kim Joo-hyun, former president of the Korea Credit Association, expired on the 18th of last month. The credit association usually begins the process of electing a successor one month before the end of the term of the former president.
The Credit Finance Association, which represents credit card and capital companies, previously set up a chairman candidate recommendation committee consisting of 15 representatives and auditors from 14 companies. However, following Chairman Kim was appointed as Chairman of the Financial Services Commission last month, the hearings were not held due to friction in the composition of the National Assembly, and the appointment of the Credit Association was temporarily suspended. The vacancy of the president of the credit union will be replaced by Oh Gwang-man, executive director of the credit union.
According to the financial industry, most of the public financial institutions with a long vacancy are the Korea Credit Guarantee Fund, the Korea Insurance Research Institute, the Korea Financial Telecommunications and Clearings Institute, the Korea Credit Information Service, the Insurance Development Institute, and the Export-Import Bank of Korea.
The Korea Credit Guarantee Fund announced the recruitment of the next president on the 30th of last month and received applications until the 12th. After the application deadline, the Executive Recommendation Committee will select multiple candidates through document screening and interviews for the next two to three weeks. The financial sector expects that the next chairman of Shinbo will be decided as early as next month. The Chairman of the Board of Directors, Shinbo, is appointed by the President on the recommendation of the Chairman of the Financial Services Commission.
The dominant opinion is that the reason why the appointment of the president of the credit finance association, the 2nd financial sector, is affected by the appointment of the heads of other financial institutions is that the government may be influenced by the appointments of the heads of financial institutions or institutions. Existing appointments were also carried out following delaying or waiting for the election before the inauguration of the head of a financial institution.
As the next president of the Credit Finance Association, former BC Card president Seo Jun-hee, former Woori Card president Won-jae Won, and former KB Capital president Park Ji-woo are being mentioned as candidates from the private sector.
The credit finance industry has maintained the principle that former bureaucrats have an advantage in communication with financial authorities, and most of them have seated the president of the association from government officials. In fact, since the Credit Association was converted to a full-time system in 2010, in four elections, all but former bureaucrats were elected as the association president, except for Chairman Kim Deok-soo (former president of KB Kookmin Card).
Recently, as the credit industry faces a lot of challenges such as competition with Big Tech, lowering card merchant commission rates, and worsening business conditions, it is in the mood to prefer bureaucrats who can communicate with the authorities rather than those from the private sector.
An official from the credit industry said, “The decline in profits continues and the number of tasks to be solved is increasing, and interest in former presidents of the association is growing.
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