Chairman Yoon Jong-kyoo of KB Financial Group. (Photo: KB Financial Group)

Chairman Yoon Jong-kyoo of KB Financial Group is sure to be reelected for his 3rd term on the back of his management leadership and the financial group’s stellar business performances.

Chairman was nominated as the sole and final candidate as chairman by the group’s recommendation committee on Sept. 16.

Chances are high that the incumbent chief will be approved in the shareholders' meeting slated for Nov. 20. The reason behind KB Financial Group Chairman Yoon’s virtual reelection for his 3rd term is that expectations have risen he will make KB Financial a sustainable leading banking group.

Despite the fallout caused by the spread of the COVID-19 pandemic, Chairman Yoon has been highly evaluated for showing strong leadership by maintaining stable business performances and letting subsidiaries aggressively enter global financial markets.

The chairman recommendation committee said in a statement that Yoon played a part in offering stable management for the past six years and establishing KB’s status as a leading financial group.

“Chairman Yoon has demonstrated superb achievements: laying a foundation to diversify revenues in non-baking and global sectors through successful M&As, and he has also built future growth foundations of the financial group through digital financial innovation,” the committee said.

For his upcoming term, Chairman Yoon is expected to focus on letting all subsidiaries enter overseas markets to take KB Financial Group a global leading integrated financial institution.

He is expected to come up with ways of offering differentiated products, investment and loan support in keeping with the government’s “Korean New Deal” and environmental, social and governance (ESG) criteria.

Chairman Yoon has been credited with his strong leadership by logging stable management since he was reelected for his 2nd term in 2017.

In particular, in spite of rising concern over a bleak business environment, buffeted by the effects of the protracted pandemic, KB Financial Group ranked 1st in terms of net profit for 2020 Q2 among Korean financial groups.
The financial group logged 981.8 billion won in Q2 net profit, a 34 percent jump over the previous quarter.

Sunwoo Suk-ho of the chairman recommendation committee said committee members shared the view that Chairman Yoon should keep his seat for another three years to overcome hardships and help the financial group maintain a sustain growth at a time when crises like the COVID-19 pandemic become a “new normal.”

Chairman Yoon has on his shoulders tasks related to global market entry. Yoon, who has stressed global market exploration, is forecast to give more weight on establishing differentiated overseas market exploration strategies.

The chairman has limited overseas market entry to a few major subsidiaries since his reelection for his 2nd term, but he is expected to spur all subsidiaries’ globalization via M&As and stake investments.

Chairman Yoon once said a key point in overseas market entry is corporation and investment banking (CIB) capabilities. He has showed his strong determination to have the financial group be armed with CIB capabilities.

KB Kookmin Bank and KB Kookmin Card are the most active in tapping overseas markets among subsidiaries of KB financial group.

KB Kookmin Bank has acquired Indonesia-based Bank Bukopin. The move comes after the bank took over a 70 percent stake in Prasac Microfinance Institution, the largest microfinance deposit-taking institution in Cambodia. KB Kookmin Card bought an 80 percent stake in Indonesia’s PT. Finansia Multi Finance (FMF).

In appreciation of his extensive experience, he was elected as Chairman and CEO of KB Financial Group and President and CEO of KB Kookmin Bank for his 1st term in 2014. He was Deputy President & CFO of KB Financial Group from 2010 to 2013 and CFO & SEVP of Kookmin Bank, the Group’s flagship subsidiary, from 2002 to 2004.

Prior to his return to the Group as Chairman and CEO, Dr. Yoon served as Senior Advisor at Kim & Chang, Korea’s premier law firm, from 2013 to 2014, where he provided a wide spectrum of professional advisory services spanning from M&A, PMI to strategic alliance and tax advisory.

During his tenure as Deputy President & CFO of KB Financial Group from 2010 to 2013, Dr. Yoon spearheaded Group’s financial planning & management and led profitability improvement.

Dr. Yoon demonstrated strong execution capability and management judgment, which had been evidenced through his achievements as CFO such as successful adoption of K-IFRS and involvement in formulating strategic and operational directions related to spin-off of credit card business from Kookmin Bank and merger between KB Investment & Securities Co., Ltd. and KB Futures Co., Ltd. Dr. Yoon was also highly regarded for his contribution to profitability improvement including NIM increase led by loan pricing system enhancement and funding cost reduction, and cost efficiency improvement.