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A view of Meritz Securities headquarters in Yeouido, Seoul. (Photo: Meritz Securities) |
[Alpha Biz= Kim Jisun] Seoul, South Korea — July 8, 2025 — Meritz Financial Group is set to appoint Seong-Joo Park, Director of the International Affairs Bureau at South Korea’s Financial Supervisory Service (FSS), as a new executive, according to industry sources. If confirmed, Park will become the fourth high-ranking former financial regulator to join the Meritz group, which includes Meritz Financial Holdings and Meritz Fire & Marine Insurance.
Park, born in 1975, holds a degree in Business Administration from Seoul National University and joined the FSS as part of its second open recruitment cohort. His career includes roles as Head of Organizational Culture Innovation within the Planning and Coordination Office, Inspection Team Leader for General Banking Supervision, and Head of the FSS’s New York Representative Office. More recently, he served as Team Leader in the Financial Consumer Protection Bureau and currently heads the International Affairs Bureau.
While the appointment is subject to approval from the Public Service Ethics Committee, as mandated by the Public Service Ethics Act, observers expect few hurdles. Unlike senior-level (Grade 1) FSS executives, bureau- and division-level officials like Park may be permitted to move to financial firms—provided their new role is unrelated to their previous regulatory responsibilities within the last five years.
However, Park’s prior post as Team Leader in the Financial Consumer Protection Bureau from 2023 to 2024 could be subject to scrutiny. The bureau is responsible for regulations and oversight related to financial product sales, financial intermediaries, and consumer protection evaluations—some of which could be linked to Meritz Fire & Marine’s business areas.
Meritz’s recruitment of former regulators is seen as a strategic move to strengthen its internal policy and regulatory response capabilities. This trend is particularly notable in the insurance sector, where navigating frequent regulatory changes is critical.
Among former regulators currently at Meritz are:
Soo-Dong Seo, Vice President and Head of Group Administration at Meritz Financial Holdings, also serving as Chief of Ethics at Meritz Fire & Marine. He joined the group in early 2021 and was promoted to VP within a year.
Wook Sun, CFO of Meritz Fire & Marine, previously served for many years at the Financial Services Commission (FSC). He joined in 2022 as Head of ESG Management and was promoted to CFO and later VP by the end of 2023.
Dae-Hyun Choi, current Head of Audit at Meritz Fire & Marine, formerly served in the FSS’s Jeonbuk regional office and Financial Market Stabilization Division before joining Meritz in 2023.
Meritz’s continued recruitment of seasoned regulatory professionals reflects its proactive approach to regulatory engagement and strategic policy alignment within Korea’s evolving financial landscape.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
