Nonghyup Financial Group’ Chief Executive Officer Kim Yong-hwan will likely spearhead South Korea’s national agricultural cooperatives for another term.
The financial group’s committee for senior executive reshuffle on Thursday picked Kim as a sole candidate for its chairman and CEO. The committee has reviewed candidates since March 15. The company will hold a general shareholders’ meeting next week to decide whether Kim will lead the group for another year. Kim has served as chairman since April 2015.
The committee has decided to allow Kim to retain his position for another term, citing his achievements in upgrading the firm’s risk management system and uncovering new business opportunities while providing clear management direction in crisis.
Under Kim’s leadership, Nonghyup Financial Group that suffered from deteriorating balance sheet because of its exposures to financially-stressed shipping and shipbuilding companies embarked on emergency management to rationalize organization and manpower as well as strengthen performance last year.
Nonghyup Financial Group provides not only agricultural cooperative financial services but also financing, mortgages, personal lines of credit, corporate and real estate finances. It also owns brokerage and asset management businesses, as well as life and non-life insurance units.
By Kim Jong-hoon
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