Veteran civic activist nominated to lead financial watchdog

South Korea's top financial regulator on Friday nominated a veteran civic activist and former lawmaker to head the Financial Supervisory Services, officials said.

Kim Ki-sik, 52, who had served various posts at the nongovernmental organization People's Solidarity for Participatory Democracy until 2011, was tapped for the post, the Financial Services Commission said in a statement.

If President Moon Jae-in approves Kim's nomination, he will succeed Choe Heung-sik, who resigned earlier this month over allegations of involvement in hiring irregularities when he was at a major commercial bank in 2013.

During his career at the non-governmental organization, Kim campaigned against family-run business conglomerates and for the interests of minor shareholders.

He was elected as a lawmaker of the Democratic Party of Korea by proportional representation in 2012.

In the statement, the FSC said it selected Kim for his many years of experience in civic activism that "developed reform-oriented economic policies and coordinated various relations of interests."

Kim is estimated as the "right person to bring innovation and change" to the FSS, it said. (Yonhap)