The chairman of KB Financial Group Inc., South Korea's No. 4 banking group by assets, criticized the financial watchdog Wednesday for imposing a heavy punishment on him, vowing to retain his post to normalize the company's management.
After a months-long inquiry, the disciplinary panel of the Financial Supervisory Service (FSS) issued warnings in late August to KB Financial Chairman Lim Young-rok and its flagship Kookmin Bank President Lee Kun-ho over the group's selection of a new computer system.