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Finance

Hana Financial begins CEO selection for key affiliates, to shortlist by late October

Hana Financial Group has begun CEO succession procedures for six major affiliates including Hana Bank. It plans to narrow each company’s shortlist to no more than three candidates by late October, then pick one final candidate for each in early December. The group’s executive candidate recommendation committee, chaired by outside director Won Sook-yeon, is made up of 75 percent outside directors. The group will expand the role of the bank-level committee in selecting the next Hana Bank chief.

Finance

KB Financial generational shift puts bank CEO appointments in focus

A long-standing expectation of CEO reappointment in South Korea’s financial sector is being tested after KB Financial Group chose Lee Jae-geun as its next chairman instead of reappointing Yang Jong-hee. Attention is turning to Sh Suhyup Bank’s selection of its next chief executive, with a final candidate due on Sept. 22. Major bank CEO terms also end on Dec. 31, while the Financial Supervisory Service plans tighter checks of succession processes.

AI & Enterprise

FSS urges banks to build AI internal control systems

South Korea\'s Financial Supervisory Service urged banks to build internal control systems aligned with the expanding adoption of AI, calling for governance and control standards to manage hard-to-predict risks in advance. The watchdog held an internal control workshop in Seoul attended by about 170 officials from eight bank holding companies and 20 banks. It also shared findings from governance checks and internal control reviews, citing cases of debtor rights violations and calling for tougher follow-up inspections on business loans.