KB Bank taps first non-Korean chief in Indonesia
KB Bank Indonesia has appointed Kunardy Darma Lie, corporate banking director at DBS Bank Indonesia, as its new leader, as the South Korean lender steps up efforts to expand its local presence.
Parent company KB Financial Group, Korea's largest financial group, said Tuesday that the board of its Indonesian banking unit approved Kunardy's appointment following the end of former President Director Lee Woo-yeol's term.
Kunrady is the first non-Korean to lead KB Bank since the Korean financial group gained control over the lender in 2018.
Kunardy brings over two decades of experience at global financial institutions operating in Indonesia, with a deep understanding of the local banking sector and expertise in corporate finance, according to KB.
He began his career at Citibank Indonesia, where he held senior positions including managing director and head of corporate and investment banking. He went on to join Deutsche Bank Indonesia in 2014 as managing director and chief country officer, before moving to DBS Indonesia in 2020 as corporate banking director.
Starting his tenure, Kunardy laid out strategic priorities including stabilizing operations and building a sustainable profit base, strengthening cost and risk controls, enhancing governance, deepening ties with government and investors and reinforcing brand trust.
'With the new leader's appointment, KB Bank Indonesia aims to reinforce its localized management approach and accelerate its push to become a sustainable and competitive player in Indonesia's financial sector,' the bank said.
KB Financial Group has designated Indonesia as its 'second home market,' positioning it as a strategic base for future growth and overseas expansion. The group currently operates seven local subsidiaries across banking, securities, insurance and asset management, ultimately aiming to build a comprehensive financial platform by leveraging groupwide synergies.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
2 hours ago
- Korea Herald
Why Can China Make Rapid Progress in Artificial Intelligence?
BEIJING, June 5, 2025 /PRNewswire/ -- Finding Answers in China from In 2025, China runs in a fast lane of artificial intelligence (AI) development as the country has made a series of breakthroughs in this frontier technology. For example, DeepSeek astonished the world with its high performance and lower cost, Unitree robots showed a stunning yangko dance at the Spring Festival Gala, and Beijing held the world's first humanoid robot half-marathon in this spring. In this episode, CICG's South Korean host Kim Eunji, along with KIM Jongmoon, Chief Representative of Korea Innovation Center (KIC China), explores Beijing's Yizhuang Economic-Technological Development Area which is home to many artificial intelligence startups. They try to find out the key to their success.
Korea Herald
10 hours ago
- Korea Herald
Lotte sets sights on global retail future at NRF Big Show
Lotte Shopping Vice Chair Kim Sang-hyun highlighted the group's global strategy and innovation efforts at NRF Big Show APAC 2025, held in Singapore from Tuesday to Thursday. The event, hosted by the National Retail Federation, a US-based retail trade association, was held for the first time in the Asia-Pacific region and drew 10,000 retail leaders, including Amazon. During a session titled 'Retail Transformation, The Lotte Story,' Kim spoke with Vipul Chawla, CEO of Singapore's FairPrice Group, about Lotte's evolving approach to customer-centered retail and digital transformation. Kim, who heads the Korean firm's retail division, introduced Lotte Mall West Lake Hanoi as a leading example of innovative customer experience. The mall, which opened in 2023, recorded over 200 billion won ($147 million) in cumulative sales within nine months and 10 million visitors within 354 days. He described it as a platform that goes beyond retail, connecting customers with culture and lifestyle. Addressing structural challenges in Korea, such as economic uncertainty and an aging population, Kim explained how Lotte is expanding into global markets and utilizing artificial intelligence-driven solutions. A key project includes the construction of an AI-powered customer fulfillment center in Busan, in partnership with Ocado, to enhance hyperpersonalized recommendations and logistics automation. Kim also introduced Lotte Mart Express, recently launched inside FairPrice's VivoCity location, as a case of successful collaboration. Looking to the next three to five years, Kim stressed the importance of creating value in customers' time and experience. 'Lotte will make a strong commitment toward global competitiveness through customer-centric and tech-driven innovation,' Kim said.
Korea Herald
12 hours ago
- Korea Herald
Trump's chip subsidy renegotiation casts uncertainty over Samsung, SK hynix
The Trump administration is renegotiating subsidies pledged under the previous Biden administration's CHIPS Act, sparking concerns that South Korean chipmakers Samsung Electronics and SK hynix might see cuts in funding for their US investments. US Commerce Secretary Howard Lutnick told the Senate Appropriations Committee that some of the subsidy agreements reached during the Biden administration 'just seemed overly generous, and we've been able to renegotiate them,' according to Reuters. 'All the deals are getting better, and the only deals that are not getting done are deals that should have never been done in the first place,' Lutnick was quoted as saying. His remarks suggest that not all grants pledged under the CHIPS Act will be paid out as originally committed, leaving chipmakers who were counting on the funding for their large-scale US projects in doubt. From the campaign trail, US President Donald Trump repeatedly called for the repeal of the subsidies, arguing that imposing tariffs, instead of grants, would be more effective to lure chipmakers to set up manufacturing facilities in the US. During an address to a joint session of the US Congress in March, Trump said the CHIPS Act is a 'horrible thing' and called for its removal. In 2022, then-US President Joe Biden signed the CHIPS and Science Act, allocating $39 billion in subsidies and grants for semiconductor companies setting up manufacturing and research facility in the US. Among the beneficiaries were chip heavyweights including Taiwan's TSMC, Korea's Samsung and SK hynix, as well as US-based Intel and Micron. Any delays or renegotiated terms for investment could deal a blow to Samsung and SK hynix, who had already pledged to invest tens of billions of dollars to build new advanced chip facilities. Depending on funding plans, they may be forced to reconsider their US investment strategies. Samsung is investing over $37 billion to build two new advanced fabrication plants and an R&D facility in Taylor, Texas. In return, the company has been awarded $4.74 billion in direct funding. SK hynix has secured $450 million in direct funding for a $3.87 million investment in building an advanced chip packaging plant and an R&D center in West Lafayette, Indiana. Regarding the future of their funding, a Samsung Electronics official said the company is monitoring the situation. An SK hynix official said there was nothing to comment on at this time.
