KB Financial Group has nominated its incumbent president Lim Young-rok as chairman of the financial service firm, who will succeed the outgoing chief Euh Yoon-dae.

The group said Wednesday that its personnel recommendation committee singled out Lim as the final candidate out of the four contenders. It added the committee members unanimously voted for him.

Following approval procedures at meetings of shareholders and board members, the 58-year-old nominee “is expected to take office as the next chairman and CEO on July 12,” the group said.

Lim, who had mostly worked for the Financial Ministry as a civil servant, was picked as president of KB Financial Group in August 2010.

Prior to joining the group, he served as the second vice finance minister during the Roh Moo-hyun administration. He also had many key posts at the ministry such as deputy minister, director general of the financial policy bureau, and director general of the economic cooperation bureau.

Aside from his career at the Finance Ministry, he led the multilateral trade bureau at the Ministry of Foreign Affairs, where he successfully completed the signing of a free trade agreement with Singapore in 2004.

Lim received a bachelor’s and master’s degree in public administration from Seoul National University and a master’s in economics from Vanderbilt University. In 2012, he obtained a Ph.D. in economics at Hanyang University.

By Kim Yon-se (kys@heraldcorp.com)