Hwang to lead DGB’s foray into commercial banking
DGB Financial Group has nominated Hwang Byung-woo, the current CEO of DGB Daegu Bank, as the sole candidate for its next chairman position, according to the financial group, Tuesday.
There is much anticipation that Hwang, 57, a veteran at DGB, will better represent the younger generation’s voices at the group and smoothly transition DGB Daegu Bank into a commercial bank.
DGB Financial Group said that its internal recommendation committee reached its decision on Monday. Hwang is expected to assume leadership of the group during the general shareholders’ meeting that is scheduled for some time in March.
Born in 1967, Hwang began his career at DGB Daegu Bank in 1998. Since then, he has held various roles within the bank, including positions on the management team. He was appointed as the CEO of the bank last January.
“His high level of understanding of the group, combined with his exceptional insight, allowed him to propose feasible visions and strategies,” the group’s internal recommendation committee explained. “He not only possesses superior management skills but can also successfully manage the transformation of Daegu Bank’s future and sustainable growth.”
As noted, a critical task that awaits Hwang is the transformation of DGB Daegu Bank into a commercial bank. His extensive experience in key positions across both the financial holding group and the bank itself raises expectations for a smooth transition, underpinned by his profound inside knowledge.
Additionally, Hwang faces the challenge of strengthening the bank’s internal controls, particularly in light of last year’s controversy over the opening of illegal accounts.
The group announced that the selection of the final candidate was based on four principles established by the recommendation committee. Since beginning the management succession process last September, the committee has conducted direct assessments and engaged external experts from various fields to evaluate the candidates’ operational capabilities, management philosophy, leadership and personal attributes.