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May 11, 2022
Posted : 2022-05-11 16:42 Updated : 2022-05-11 17:45 Credit Finance Association (CREFIA) Chairman Kim Joo-hyun, left, and Shin & Kim's senior advisor Hwang Young-key / Courtesy of CREFIA and Shin & Kim By Anna J. Park Kim Joo-hyun, the incumbent chairman of the Credit Finance Association of Korea (CREFIA), is forecast to be appointed as lead of the country's top financial regulator for the next three years. According to industry sources and local media reports, the presidential office is could announce the appointee for the Financial Services Commission (FSC) chair position as early as this week. The appointment comes as the former FSC chairman Koh Seung-beom resigned from the post earlier this month, prior to the beginning of the new Yoon Suk-yeol administration. Koh took office in August last year. Kim has been serving as the chairman of CREFIA since June 2019, and his three-year term is slated to be completed by June of this year. Graduating from Seoul National University and earning an MBA from Washington University in St. Louis, Missouri, U.S., Kim has built a decades-long career in the public financial sector. Since passing the country's high civil service examination in 1981, Kim has worked for the finance ministry, FSC, Securities and Futures Commission (SFC) as well as the Asian Development Bank (ADB). He also served as the chairman of the Korea Deposit Insurance Corporation from 2012 for three years. As Kim passed the high civil service exam in the same year along with Choo Kyung-ho, the Yoon administration's finance minister, the two are expected to demonstrate a solid partnership. As for the new chief to lead the Korea Development Bank (KDB), Hwang Young-key is expected to be appointed to the post. Currently serving as a senior advisor at Shin & Kim, one of the major law firms in Korea, Hwang is one of the country's most experienced and versatile financial experts. He served as the president and CEO at Samsung Securities from 2001 to 2004, chairman of Woori Financial Group and Woori Bank from 2004 to 2007, chairman of KB Financial Group from 2008 to 2009, and chairman of the Korea Financial Investment Association from 2015 to 2018. Hwang also publicly announced his support for President Yoon in February, along with over a hundred financial professionals. Meanwhile, Kim Chang-ki, the former head of the Busan Regional Tax Office, is expected to be appointed as the National Tax Service Commissioner. Kim graduated from Seoul National University and began his career after passing the high civil service examination in 1993.
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