SC Bank Korea CEO nominated for fourth term

Park Jong-bok, the CEO of Standard Chartered Bank Korea, has been nominated as the sole final candidate for the bank's top position again, according to the lender on Monday.

The bank's executive candidate recommendation committee selected Park as the final candidate for the next CEO during a meeting held last Friday.

If appointed, he will be serving his fourth term, which will last for a year starting Jan. 8, 2024, as the CEO of SC Bank Korea.

"Since assuming the top position in 2015, Park has continuously enhanced the bank's financial standing through Korea-specific strategies and actively engaged employees in sharing the bank's vision of equality, respect, and inclusion," the bank’s executive candidate recommendation committee said in a statement.

It noted that Park received the highest evaluation among the four final candidates, having consistently improved the bank's financial performance through business strategies tailored to the Korean market.

The committee also highly regarded Park's extensive professional experience, insightful perspectives, expertise, strong communication skills and exceptional leadership qualities.

Park's reappointment is set to be confirmed following approvals at shareholders' meetings on Oct. 18 and the board of directors' meeting on Oct. 31.

In the first half of 2023, the lender's net profit was 209.2 billion won ($154.6 million), an on-year decrease of 2.9 billion won from 212.1 billion won. The increase in allocation of provisions mainly contributed to this decline.

However, the lender achieved a record-breaking operating profit of 364.5 billion won in the first half of the year, an 18.04 percent increase compared to the same period last year, which was 308.8 billion won.

The bank's assets have also been steadily increasing in recent years, from 92 trillion won in 2021 to 110 trillion won in 2022 to 112 trillion won as of June this year.

Born in 1955, Park majored in economics at Kyung Hee University. After joining SC in August 1979, he accumulated expertise in various branches over the next 20 years. He held pivotal roles in bank operations, including retail finance, before becoming the bank's chief in 2015.

He was subsequently reappointed in 2018 and 2021.

The London-based banking giant's Korean unit was launched in 2005. It is a wholly owned subsidiary of Standard Chartered and was launched upon the banking giant's acquisition of Korea First Bank at the time.