South Korea’s NongHyup Financial Group Inc. nominated Kim Gwang-soo, former head of the Financial Intelligence Unit (FIU) who stepped down from the financial regulator’s chief position four years ago, as its new chief.

NongHyup Financial Group on Thursday nominated Kim as its new head after two other candidates including the incumbent chairman Kim Yong-hwan and KORAMCO REITs Management and Trust Co. Chairman Yoon Yong-ro withdrew their candidacy.

The recommendation committee of the financial group finished interviewing Kim as a single candidate, and his appointment is subject to approval at a shareholders’ meeting scheduled on April 23.

The newly appointed Kim has an ample experience in the financial field as he has been serving at the sector for about 30 years in the government. He worked for the Blue House’s economic department, the finance ministry and the Financial Services Commission.

But he disgracefully left the financial sector after he was indicted for allegedly receiving bribery from Busan Savings Bank in 2011 when he had started working at the FIU. But he restored his reputation after he was found not guilty at the final ruling at the Supreme Court. After the scandal, he has been working as an advisor at local law firm Yulchon since 2014.

Once Kim officially takes the helm of NongHyup Financial Group, he is expected to focus on expanding the group’s global business, managing risks of life insurance products, diversifying profit sources and nurturing talents during his two-year-term that would begin at the end of this month.

By Chung Joo-won and Choi Mira

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