South Korea’s KB Financial Group Inc. Chairman Yoon Jong-kyoo won a three-year second term, and Hur Yin, vice president of KB Kookmin Bank, was promoted as the CEO for next two years.

The appointments were confirmed in an ad hoc shareholders’ meeting Monday.

Yoon for the last three years co-headed the group and the mainstay banking unit. The chief executive role has been separated in return for granting another term for Yoon who has been credited to have placed the financial group ahead of long-term No. 1 Shinhan Financial Group.

“We will expand corporate investment banking sector and move beyond the traditional banking business by reinforcing asset management sector,” said Yoon.

The group will also seek expansion out to other Asian markets including Indonesia and Vietnam.

Separately on the same day, Hur was appointed as KB Kookmin Bank’s new CEO to replace Yoon. He will serve as the bank’s head for two years. He began his financial career with Korea Long-term Credit Bank in 1988 and since then has taken numerous management positions in local financial institutions.

Market watchers expect that the new governance structure with a holding company and a bank separately led by Yoon and Hur would boost efficiency and enhance stability.

By Roh Seung Hwan and Cho Jeehyun

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]