YEREVAN, NOVEMBER 2, ARMENPRESS. South Korea's presidential office on Wednesday named a new prime minister and finance minister, the highest-level shake-up since President Park Geun-hye's administration was rocked by a scandal involving a friend accused of meddling in state affairs, Reuters reported.

But opposition parties denounced the reshuffle as a bid by Park to divert attention from the political crisis, which has dragged her approval rating to an all-time low.

The Blue House named Financial Services Commission Chairman Yim Jong-yong as finance minister and deputy prime minister. Yim, who replaces incumbent minister Yoo Il-ho, has been well-regarded by policy-makers and market participants in his current role.

Kim Byong-joon, a senior presidential secretary during former president Roh Moo-hyun's administration, is expected to replace Hwang Kyo-ahn as prime minister. The prime minister's role in South Korea is largely administrative and requires parliamentary approval.

Kim initially scheduled a news conference but later called it off, saying he would speak further on Thursday.

"This situation is moving pretty quickly and I will voice my thoughts tomorrow after having listened to those around me," Kim told reporters, declining to comment further.

Appointing Kim, who has a reputation as a liberal, appears to be a bid by the conservative Park to placate the opposition and soothe public anger over the scandal involving Park's friend, Choi Soon-sil, who is in custody and under investigation by prosecutors.

But the shake-up, which included a new minister of public safety and security, did little to please the opposition.

"This replacement of the prime minister and finance minister can't be happening without discussing it with the opposition," Park Jie-won, leader of the opposition People's Party, told a party meeting.

"We won't stand by such a move to turn around the current situation with the personnel change," said Park, adding that his party would boycott nomination hearings.

South Korean stocks and the won currency did not react to the cabinet changes.

Neither incumbent Yoo or Hwang have been implicated in the scandal, although Yoo had been under pressure from opposition lawmakers over his close relationship with Park.

"The Blue House named Kim as the right person to lead the cabinet for the country's future and to overcome current hardships," presidential spokesman Jung Youn-kuk said.