00:02korea's financial regulator just called out the country's biggest banks for dragging their feet
00:08on succession planning the financial supervisory service chief said bank ceo succession procedures
00:14remain inadequate across the industry kb financial group's chairman term runs 12 months the longest
00:22tenure among the five major banking groups shinhan hana worry and nh all show shorter terms with nh at
00:31seven months separately a korean savings bank acquired by kyobo life saw affiliate deposits
00:38worth 24 billion won or four percent of its total withdrawn it's wednesday september 16th let's break
00:45down what's happening in korea's financial sector the regulator's criticism follows repeated cases
00:51of last minute ceo transitions across major financial groups that pattern has raised concerns
00:58about governance stability heading into future succession cycles here's what the numbers show
01:0312 months is kb financial group's current chairman term length the longest among the five major banking
01:10groups reviewed nh financial group's term runs just seven months the shortest in the same comparison
01:17the financial supervisory service chief said succession procedures at korean banks remain insufficient
01:24according to today's finance page separately four percent of deposits worth 24 billion won were
01:31withdrawn from an affiliate of the sbi savings bank unit now under kyobo life so what does this mean
01:38for financial sector analysts tracking korea's banking governance earlier we said regulators called bank
01:44succession procedures inadequate here's what that actually means for you wide variation in ceo term
01:51lengths across the five major groups signals inconsistent governance standards that could resurface at the
01:57next leadership transition that inconsistency stands apart from the sbi kyobo case where deposit
02:05withdrawals point to a more immediate confidence issue following the acquisition three things to watch
02:11first whether the financial supervisory service issues formal succession planning guidelines for banks
02:17second whether nh financial group extends its comparatively short seven-month chairman term
02:24third whether deposit withdrawals at the kyobo owned savings bank affiliate continue
02:30that's today's ai prism finance daily this episode was produced with ai assistance based on sole economic daily
02:38reporting and reviewed by a human editor ai prism is a juan ifra award-winning series we'll be back tomorrow
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