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Kookmin Bank CEO Resigns After Reprimand by Watchdog

Kookmin Bank Chief Executive Officer Lee Kun Ho resigned today after being reprimanded by South Korea’s financial watchdog following a series of missteps at his bank and parent KB Financial Group Inc.

His resignation is immediate, according to an e-mail from the bank, the country’s largest lender. Earlier today, the Financial Supervisory Service issued a “disciplinary warning” to Lee, 54, over issues relating to changes in the bank’s computing system. The regulator suggested to the Financial Services Commission, which oversees the FSS, that the FSC issue a similar warning to KB Financial Chairman Lim Young Rok.