Yang Jong-hee / Yonhap

KB Financial Group shareholders passed a motion to appoint Yang Jong-hee as the new group chair, Friday, with an overwhelming 97.52 percent approval rate.

This was a widely expected decision as indicated by an earlier endorsement by Institutional Shareholder Services (ISS) and Glass Lewis, the world's two leading proxy advisories, as well as the National Pension Service (NPS), the state-run pension operator which owns 8.74 percent of the financial group. His three-year term will begin on Nov. 21.

"I express my sincere gratitude for appointing me as the head of KB Financial Group, the country's leading financial group," he said at KB Kookmin Bank headquarters in Yeouido, Seoul. "I also feel a great sense of responsibility."

The new KB head acknowledged the role expected of him during uncertain financial times within the country and abroad. He said that is the reason why he feels mounting pressure.

"I know shareholders have high expectations for the group. We will do our utmost to meet them. The group will uphold and expand mid- to long-term capital management strategies and shareholder returns long spearheaded by former chair Yoon Jong-kyoo."

The group's shareholder return rate stood at 33 percent last year, with a dividend payout ratio of 26 percent combined with 300 billion won ($232 million) in stock buybacks for cancellation.

Yang was tapped to succeed Yoon by the group's recommendation committee on Sept. 8. He pledged at the time to place top priority on enhanced credit risk management and the normalization of KB Bukopin, KB Kookmin Bank's Indonesian branch, as well as maintaining a firm grip on managing the lender in times of transition.

Yang began his career at KB in 1989 and has since served as the head of KB Insurance for two terms and as the group's vice chairman. His expertise includes insurance, global business, retail banking, and asset and pension management.

He is especially noted as a person who laid the groundwork for the group to move forward in expanding its non-banking businesses. He led the group's acquisition of LIG Insurance in 2015, now rebranded as KB Insurance. It is the group's second most profitable affiliate after KB Kookmin Bank.

Yang will attend a meeting of the heads of the country's top financial groups – Shinhan, KB, Hana Woori and Nonghyup – and Financial Services Commission Chairman Kim Joo-hyun and Financial Supervisory Service Governor Lee Bok-hyun, Nov. 20.

The bank heads are expected to present financial aid packages for small businesses and low-income borrowers, as prodded by the financial authorities and President Yoon Suk Yeol.