Kookmin chief to push mega-bank initiative

Lender confident of being leader in merger and acquisitions drive despite facing difficulties and controversies.

The chief of Kookmin Bank (KB) emerged from months of reticence and vowed to push for mergers or acquisitions with other banks.

The so-called ``mega bank’’ plan is in line with the government’s latest initiative to increase the size of banks.

Kang Chung-won, CEO of Kookmin Bank, was full of energy in his monthly speech to employees, Friday, despite a recent series of difficulties facing him and his bank.

"If the mega-bank initiative is to be realized and the Korean financial industry is to take a big leap, then Kookmin Bank should play a leading role,’’ Kang said in the speech, which was also released to the press.

The confident comment came two days after the nomination of Choi Joong-kyung as senior presidential secretary for economic affairs. Choi has insisted that the government should create a super-size bank by merging two or more retail outfits.

View the full story in Korea Times.