KB Financial nominates ex-CFO as new group chairman

The KB Financial Group has nominated Yoon Jong-Kyoo, a former chief financial officer (CFO) of the banking group, as its new chairman.

KB Financial announced on Wednesday that a nine-member panel has chosen Yoon to take the top post of the country's second-largest banking group by market value. Yoon is to replace Lim Young-rok, who resigned after an internal conflict with the group's flagshipKookmin Bank President, Lee Kun-ho.

The group said Yoon has earned the required six votes to be elected as the single nominee. He will be recommended to the board of directors, who will meet next Wednesday. And then, his appointment should be endorsed at a shareholders meeting on Nov. 21.

Yoon worked as the CFO from 2010 to 2013. He said he will do his best to restore the company morale and unity, in a bid to regain the title as the country's leading banking house.