Kookmin Bank head declines KB Financial chief nomination

Kookmin Bank head refuted speculations that his resignation was due to government pressure.

Kang Chung-won, Kookmin Bank CEO, resigned last month as the chairman-elect of KB Financial Group, a move resulting from issues surrounding the selection process.

"I made it clear that I would not get involved in any process related to the nomination of the chairman," he said in a statement.

Kang's resignation came following reports that financial authorities were investigating allegations of influence-peddling by outside directors of the group. The directors had unanimously selected Kang for the post Dec. 3, according to a report in Trading Markets.

KB Financial's previous chairman and CEO, Hwang Young-key, stepped down in September last year after the country's financial regulator penalised him over alleged mismanagement during a stint at a rival bank.