KB Financial Group Chief Yoon Jong-kyoo has decided not to seek his fourth term, the group said on Sunday, just days before the conglomerate's planned announcement of its shortlist of candidates for the head position.

Yoon said he made the decision for the group's "new future and transformation." The incumbent chairman has held the post since 2014 and his three-year-long third term is set to expire on Nov. 20.

Yoon also hoped to see a new chief driving sustainable growth, enabling the group to become not only a top financial firm in Asia but also globally.

Meanwhile, the group's Chairman Candidate Recommendation Committee on Tuesday will draw up a shortlist of six candidates to select a new chairperson.

According to an industry source, it is probable for three of the group's vice chairs -- Yang Jong-hee, Lee Dong-cheol, and Hur Yin -- to be among the candidates shortlisted.

Currently, Yang is responsible for three business divisions: retail customers, wealth management, pensions and SMEs. Huh oversees the global business and insurance divisions, and Lee is in charge of the digital business and IT division.

On Aug. 29, it will conduct the first round of interviews and narrow down the shortlist to three candidates.

The top candidate will be selected on Sept. 8 and this candidate will be appointed as the new chief during the group’s shareholders meeting scheduled for Nov. 20.