KB Financial Group Chairman Yoon Jong-kyoo should keep his seat for a third term, the banking group’s outside directors decided Wednesday, bolstered by his bold moves in expansion of nonbanking businesses and acquisition.

The group’s chairman recommendation committee, made up of KB’s seven outside directors, chose Yoon as the sole and final candidate for the next chairman role. The incumbent chief would have to gain final approval at a shareholders meeting scheduled Nov. 20 to officially keep his seat.

Yoon’s rivals for the chairman position included heads of the banking group’s key units: KB Kookmin Bank CEO Hur Yin, KB Insurance CEO Yang Jong-hee and KB Kookmin Card CEO Lee Dong-cheol.

The banking group’s flagship lender KB Kookmin Bank, under Yoon’s leadership, was able to kick off its acquisition of Indonesia-based Bank Bukopin in 2018, as local banks seek to diversify their revenue sources beyond the Korean market. The deal is now in its final stages after the local lender acquired a 22 percent stake in the Indonesian firm in 2018 and an additional 11.9 percent in July.

KB also acquired US-based insurer Prudential Financial’s Korean operations earlier this year to beef up its nonbanking portfolio.

“Chairman Yoon was able to provide stable management on behalf of the firm for the past six years and established KB’s reputation as a leading financial group,” the chairman recommendation committee said in a statement.

“He has shown extraordinary results in establishing a foundation for diverse revenue sources through successful mergers and acquisitions in nonbanking and global business areas,” the committee added.

Yoon has held the post since 2014 and his second term is set to expire on Nov. 20.

By Jung Min-kyung (mkjung@heraldcorp.com)