Woori Bank head gives up reappointment

By KH디지털2

Published : Dec. 1, 2014 - 20:04

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Woori Bank chief Lee Soon-woo said Monday he will not serve another term at the state-owned lender which is having trouble finding a private-sector owner.

In an e-mail sent to bank employees, Lee said that he has done his best during his three-year term at the state-controlled financial group that has been undergoing privatization under a government plan.

Lee's remarks come as the government's latest efforts to sell its controlling stake in Woori Bank, the country's third-largest lender, failed on Friday due to a lack of bidders.

Local financial authorities are considering selling the lender next year.

Currently, the state-run Korea Deposit Insurance Corp. (KDIC) holds a stake of nearly 57 percent in Woori Bank, the flagship of Woori Finance Holdings Co.

The Financial Services Commission (FSC) had sought to sell a controlling 30 percent stake to a single buyer, with the remaining

27 percent to be sold to multiple investors.

An FSC official said the Public Fund Oversight Committee plans to hold a meeting next week to review the current sale plan and assess the reason for the auction's failure.

The South Korean government has tried to privatize Woori Bank and its affiliates since 2010 to recoup some 13 trillion won

(US$11.7 billion) in bailout money invested in the aftermath of the 1997 Asian financial crisis.

Woori Bank, meanwhile, is set to confirm its new chief candidate at a temporary board meeting scheduled for Dec. 9.

The new head is set to be officially appointed at a shareholders meeting on Dec. 30. (Yonhap)

Woori Bank head gives up reappointment

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