Lee Dong-gul, a former vice chairman of Shinhan Investment, has been tapped to head the state-run Korea Development Bank, the Financial Services Commission said Thursday.

The financial regulator said in a press statement that it has decided to recommend the 68-year-old veteran banker as the sole candidate for the post to President Park Geun-hye.

If appointed, Lee will succeed Hong Kyttack who is to move to the recently-established Asian Infrastructure Investment Bank in Beijing as one of the five vice presidents. He will serve three years.

Lee has worked at Shinhan Bank and its security affiliate Shinhan Investment and is now chair-professor of economics at Yeungnam University. 

Hong was picked earlier this week by the China-led regional bank’s board of directors for the role of the chief risk officer.

By Lee Sun-young (milaya@heraldcorp.com)