Kakao Bank CEO wins fifth term, eyes global expansion
On Tuesday, Kakao Bank, the banking arm of tech giant Kakao Corp., disclosed in a regulatory filing that its Executive Candidate Recommendation Committee had selected incumbent CEO Yun as the sole candidate for the position.
His reappointment will be finalized at a shareholders' meeting on March 26. Yun's current term expires on March 28, and upon approval, he will serve for another two years.
Yun began his career in 1995 at Daehan Fire & Marine Insurance before moving to non-life insurer ERGO Daumdirect. In 2009, he joined Daum Communications (later acquired by Kakao) and, in 2014, was appointed vice president of Kakao, where he played a pivotal role in launching Kakao Bank in 2017.
'Yun has spearheaded Kakao Bank's global expansion, a first for an internet-only lender,' the Executive Candidate Recommendation Committee stated in the filing, highlighting the bank's ventures in Indonesia and Thailand.
In Indonesia, Kakao Bank holds a 10 percent stake in virtual lender Superbank, an investment made in partnership with Southeast Asia's largest mobility platform operator, Grab.
Additionally, the lender has teamed up with a leading financial services provider in Thailand, SCBX, to launch a digital bank in the country. The consortium aims to secure a banking license by 2026.
'If Kakao Bank successfully enters Thailand, a country that has restricted access to Korean financial firms since the 1997 Asian financial crisis, it will mark a major turning point for the local financial industry,' the committee stated.
Under Yun's leadership, Kakao Bank has maintained stable growth. In February, the bank reported record earnings for 2024, posting a net profit of 440 billion won ($300 million) — a 24 percent year-on-year increase.
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