New Chief Takes Helm At Policy Lender Kdb

The new chairman of the state-run Korea Development Bank (KDB) took office Friday, vowing to help accelerate the country's corporate restructuring.

Lee Dong-geol, 67, replaces Hong Ky-ttack who was recently appointed a vice president of the China-led Asian Infrastructure Investment Bank.

Born in Daegu, 300 kilometers south of Seoul, Lee began working in the banking industry in 1970 and stayed in the industry until he retired as a vice chairman of Shinhan Investment Corp.

In an inauguration ceremony, Lee vowed stepped up efforts to help speed up corporate restructuring.

"The KDB is a policy bank, and as a policy bank it is our task to preemptively prevent companies from becoming weak," he said in his inaugural speech.

We must do our utmost to provide a smooth flow of...