[비즈한국] Suhyup Bank is facing difficulties in appointing its next president. Potential candidates include the current president, Shin Hak-ki, and Lee Hyung-joo, head of the Korea Financial Intelligence Unit (KoFIU). To become the next president, a candidate must first be recommended by the Suhyup Bank President Recommendation Committee, which requires the approval of at least 4 out of the 5 members. In the recent committee meeting, no candidate received approval from 4 or more members. The committee consists of a total of 5 members: 3 recommended by the government and 2 recommended by the National Federation of Fisheries Cooperatives (Suhyup).
The Suhyup Bank President Recommendation Committee interviewed 6 candidates on September 21: incumbent President Shin Hak-ki, KoFIU head Lee Hyung-joo, former Suhyup Bank Executive Vice President Park Yang-soo, former Suhyup Bank Executive Vice President Jung Chul-kyun, Korea Fisheries Policy Forum CEO Kang Chul-seung, and BNK Securities outside director Lee Hyung-seung. Initially, the financial sector anticipated a two-way race between President Shin and head Lee.
Following a meeting on September 22, the committee announced that no candidate had received the required approval from at least 4 members. It is reported that during the meeting, President Shin received 3 votes and head Lee received 2. As the committee failed to recommend a final candidate, it plans to hold another meeting in the future. Suhyup Bank stated that it has not yet decided whether to keep the current candidates or reopen the nomination process.
Although President Shin Hak-ki was not recommended as the final candidate, he is still considered a strong contender for the next presidency. Since he reportedly secured the support of 3 out of the 5 committee members, he could be recommended as the final candidate if he secures one additional vote. If President Shin succeeds in winning a consecutive term, he will become the first president in Suhyup Bank's history to do so. Since its incorporation was separated from the National Federation of Fisheries Cooperatives in 2016, the bank has had no president serve consecutive terms.
President Shin Hak-ki took office as Suhyup Bank President in November 2024. Since his inauguration, the bank's performance has been on an upward trend. Net profit increased by 4.32% from 235.5 billion won in 2024 to 245.7 billion won in 2025. The bank is also performing well in the first half of this year, having recorded a net profit of 157.5 billion won. However, some point out that the growth in performance is not entirely satisfactory compared to other major banks.
President Shin Hak-ki joined the National Federation of Fisheries Cooperatives in 1995 and has worked there for over 30 years. In the financial sector, there are voices wary of appointing former bureaucrats as heads of financial firms, labeling them as "parachute appointments." For this reason, the fact that President Shin is an internal figure at Suhyup Bank is considered his strength.
However, the fact that 3 out of the 5 committee members are government-recommended is a major variable in the selection process. One government-recommended member is appointed by each of the following: the Ministry of Finance and Economy, the Financial Services Commission, and the Ministry of Oceans and Fisheries. It is reported that 2 of the 3 government-recommended members supported head Lee Hyung-joo rather than President Shin. Although President Shin has never publicly revealed his political orientation, there is ongoing speculation that his relationship with the Lee Jae-myung administration might not be smooth because he was appointed during the Yoon Suk-yeol administration.
Moreover, the Lee Jae-myung administration has repeatedly pointed out the insular governance structures and long-term consecutive term practices of major domestic financial companies. In a business report to the Financial Services Commission last December, President Lee Jae-myung expressed a negative stance on consecutive terms for financial CEOs, stating, "When left alone, a 'corrupt inner circle' forms, and a small number of people take turns exercising control."
The other candidate, head Lee Hyung-joo, is a financial policy expert who previously served as the Director of the Financial Policy Bureau and a Standing Commissioner at the Financial Services Commission. He took office as head of the KoFIU in October 2025, after the launch of the Lee Jae-myung administration. However, if head Lee is selected as the final candidate for the next president, internal opposition is expected to be significant.
On September 10, the Korean Financial Industry Union (KFIU) stated, "The KFIU has never overlooked parachute appointments or unfair personnel decisions in financial institutions. The appointment of the Suhyup Bank President is no exception." They added, "We will never tolerate a rigged appointment process that takes into account unfair interventions by political circles, the government, or external agencies, or one that is aimed at a specific individual." Although the KFIU did not mention a specific candidate, some in the financial sector interpret this as being aimed at head Lee Hyung-joo.
President Shin Hak-ki's term expires on November 17. The Suhyup Bank President Recommendation Committee is expected to finalize the appointment process before November. The next president recommended by the committee will be officially appointed after going through the resolutions of the Suhyup Bank Board of Directors, the National Federation of Fisheries Cooperatives Board of Directors, and the Suhyup Bank General Meeting of Shareholders.