Kim Jong-Tae, the new president of Kockmin-Jootack Bank

Kim Jong Tae has been elected as a new president of Kookmin-Jootack Bank.

Kim Byoung-Joo (professor of Seogang University), the chief of the committee of the election for the new president of the merged Kookmin-Jootack Bank, said ``the six members of committee elected Kim Jong-Tae with one accord. He is the right man for the president of the merged bank who will make the bank strong with a successful reformation of the financial structure.``

After the announcement, Kim Jong Tae, new president of Kookmin -Jootack Bank said, ``I expect Kim Sang-Hoon, the president of Kookmin Bank, to be the chief of the executive committee of Kookimin-Jootack Bank.``

He also said ``for more effective process for merger, the CEO will be composed of 2 executives of Kookmin Bank and vice president of Jootack Bank and others who are recommended by ING Baring.” Kim Jong-Tae added, ``there will be no compulsory lay offs.``

Meanwhile, the labor union of Kookmin Bank issued a statement against the election of Kim Jong Tae. The labor union of Kookmin Bank started to discuss several issues including a general strike from 3:30 P.M in the conference room in the head office of Kookimn Bank.

nirvana1@donga.com