By Choi Kyong-ae
Staff Reporter

Kang Chung-won, 53, was unanimously selected Friday by an 11-member committee as the top candidate to serve as the new president of the nation’s largest bank, Kookmin Bank (KB), replacing Kim Jung-tae, who is to step down on Oct.31.

Kang will start running the bank from Nov.1 after getting approval at a shareholders’ meeting on Oct. 29.

Chung Dong-soo, chairman of the screening committee said that Kang was picked because he fully satisfied six requirements _ leadership, shareholder-oriented management, experience at international financial organizations, experience in leading a large financial body, ability to seek harmony within the bank which has three labor unions and an understanding of local banking circles.

``There has been no outside influence during the selection process. We think we have set a role model in the market as we put top priority on fairness and transparency in the selection,” Chung said.

Kang worked for such foreign lenders as Citibank and Deutsche Bank before heading Seoul Bank from 2000 to 2002.

A new head was selected because Kim was barred from serving as the bank’s executive for three years as a result of receiving a disciplinary warning from the Financial Supervisory Service for accounting irregularities involving 550 billion won in early September.

godamon@koreatimes.co.kr