Former president Park Young-bin of Kyongnam Bank office has been inserted as the 19th chairman of Construction Guarantee (CG) on Jan. 11.
New CG Chairman Park, born in Busan, graduated from Yonsei University Law Department.
He is a seasoned financial expert as he held positions with Korea Long Term Credit Bank, Hanmi Bank, Woori Investment & Securities, Woori Financial Holdings and Kyongnam Bank, including COO of Woori Investment & Securities, executive vice president of Woori Financial Holdings, and Kyongnam bank president, as well as vice chairman of Dongsung Group.
Chairman Park said, “I’ll have CG upgraded one step higher by applying my experiences and expertise in the financial industry to CG’s duties.”
He stressed maximizing profits for CG members, owners and customers of the institution, as the top management goals.
His term is three years. Park said he will demonstrate leadership by taking initiative and setting an example. He said he will do his utmost to develop the qualitative development of CG.
CG held the 122nd General Assembly at the Construction Hall in Gangnam-gu, Seoul, on Jan. 11 and elected Park as the 19th chairman of Construction Guarantee.
Park was elected in a public contest, conducted for the first time since the establishment of CG in 1963. Six members of the standing council were also elected.
They are Choi Kwang-ho of Hanwha E&C, Na Ki-sun of Goduk Construction, Choi Tae-jin of Hyundo Construction Co., Park Kwang-guk of Kookje Construction, Jang Tae-beom of Taewoong Construction, and Gong Hoo-shik of Donglim Construction.
A committee for recommending CG chairman candidates was formed under the public contest. The committee finalized Park after conducting a preliminary paper process and a second interviewing session and referred it to the Standing Council, which recommended Park to the General Assembly.
CG Posts Largest-Ever Guarantee Premiums
Construction Guarantee retained strong growth momentum as the institution posted its largest-ever premium revenues and standing loans last year.
CG said on Jan. 3 the institution chalked up about 53 billion won in guarantee premium revenues, the large-ever one, last year.
CG is a late-comer in the construction-related guarantee (insurance) market, but the institution has renewed record performances based on strong financial sounding and competitive premiums.
The good performance was owed to CG’s sales and marketing strategies tailored to meet members’ needs, based on a better understanding of the construction industry.
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