Ex-finance minister to head KDB Financial Group

KDB Financial Group will appoint as chairman former Finance and Economy Minister Kang Man-soo (photo), who is now chairman of the President Council on National Competitiveness and a senior presidential economic adviser.

The appointment of President Lee Myung-bak’s close aide as chairman is expected to add momentum to the stalled privatization of the group.

The Financial Services Commission said Thursday that it recommended President Lee appoint Kang, 66, as successor to the outgoing Min Euoo-sung.

A graduate of Kyungnam High School and Seoul National University, Kang passed the civil service exam and built his career at the Finance and Economy Ministry as head of the insurance, finance management and international finance bureaus and the tax system office. He also served as chief of the Korea Customs Service and vice finance minister.

When Lee Myung-bak was Seoul mayor, Kang led Seoul Development Institute and served as director of the policy coordination office under the 17th Presidential Election Polling Committee. After the Lee administration was launched, he served as the first strategy and finance minister.

Kang has been mentioned as a candidate to lead financial institutions ranging from KB Financial Group, Woori Financial Group to Hana Financial Group and Shinhan Financial Group.

Critics in the financial sector, however, said, “That presidential aide, again?” Kang reportedly also felt uncomfortable over such voices.

Financial Services Commission Chairman Kim Seok-dong said, “KDB Financial Group has a two big challenges: reshuffling its organization and privatization,” adding, “To tackle these challenges, we need a person with powerful charisma and leadership, and that`s why we recommended Kang`s appointment after arduous efforts to attract him since he declined our offer.”

cha@donga.com