Kookmin Bank chief turns down top post of parent firm

SEOUL, Jan. 8 (Yonhap) -- The chief of Kookmin Bank, South Korea's leading bank,
said Friday that he will not run for the top post of the lender's parent, KB
Financial Group Inc.
Kang Chung-won, chief executive officer of Kookmin Bank, resigned last month as
the chairman-elect of KB Financial Group, a move stemming from issues surrounding
the selection process.
"I made it clear that I would not get involved in any process related to the
nomination of the chairman (of KB Financial)," he said in a statement.
Kang's resignation came following reports that financial authorities were
investigating allegations of influence-peddling by the group's outside directors.
The directors had unanimously selected Kang for the post Dec. 3.
KB Financial's previous chairman and CEO, Hwang Young-key, stepped down in
September last year after the country's financial regulator penalized him over
alleged mismanagement during a stint at a rival bank.
sam@yna.co.kr
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