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The head of NongHyup Financial Group Inc. on Wednesday offered to resign following the massive hacking attack in March that paralyzed the network of its banking unit and the group's weaker earnings.
Shin Dong-kyu, the president of the group, said in a statement that he offered to step down from the top post as he believed it would be desirable for a new head to lead the group, given "an array of difficulties facing the group."
His resignation came as computer networks at Korea's major broadcasters, three banks and two insurers were shut down on March 20 due to malicious codes.
NongHyup Financial's credibility was hurt as its banking unit NongHyup Bank suffered from similar cyber attacks in April 2011, putting its capacity to strengthen online security to the test.
The group is also suffering along with other local banking groups from weak earnings as the central bank's easing cycle squeezed their profit margin and the economic slowdown and corporate overhaul raised the amount of loan-loss reserves.
His resignation comes roughly one year since he took the helm of the group, which was launched March 2, 2012, with seven affiliates under its wing. His official term ends in June 2014.
NongHyup, or the National Agricultural Cooperatives Federation, underwent a major reshuffle as it was separated into the agro-focused holding company and the financial group.
Shin said that as authorities are centered on the head of the agro-focused holding company, he effectively had little leeway in doing business, hinting that an internal feud may be another cause for his resignation.
The heads of three banking groups -- KDB Financial Group, Woori Finance Holdings and KB Financial Group -- have recently offered to step down amid the financial regulator's move to reshuffle the banking sector. They are known as close aides to former President Lee Myung-bak.
Shin Je-yoon, the chairman of the Financial Services Commission, earlier made it clear that banking chiefs need to be people who are "on the same wavelength" as the president. (Yonhap News)
Shin Dong-kyu, the president of the group, said in a statement that he offered to step down from the top post as he believed it would be desirable for a new head to lead the group, given "an array of difficulties facing the group."
His resignation came as computer networks at Korea's major broadcasters, three banks and two insurers were shut down on March 20 due to malicious codes.
NongHyup Financial's credibility was hurt as its banking unit NongHyup Bank suffered from similar cyber attacks in April 2011, putting its capacity to strengthen online security to the test.
The group is also suffering along with other local banking groups from weak earnings as the central bank's easing cycle squeezed their profit margin and the economic slowdown and corporate overhaul raised the amount of loan-loss reserves.
His resignation comes roughly one year since he took the helm of the group, which was launched March 2, 2012, with seven affiliates under its wing. His official term ends in June 2014.
NongHyup, or the National Agricultural Cooperatives Federation, underwent a major reshuffle as it was separated into the agro-focused holding company and the financial group.
Shin said that as authorities are centered on the head of the agro-focused holding company, he effectively had little leeway in doing business, hinting that an internal feud may be another cause for his resignation.
The heads of three banking groups -- KDB Financial Group, Woori Finance Holdings and KB Financial Group -- have recently offered to step down amid the financial regulator's move to reshuffle the banking sector. They are known as close aides to former President Lee Myung-bak.
Shin Je-yoon, the chairman of the Financial Services Commission, earlier made it clear that banking chiefs need to be people who are "on the same wavelength" as the president. (Yonhap News)
