Financial regulators recently conducted close inquiries into the eligibility of several candidates for the next chairmanship of the state-funded Woori Financial Group “in terms of policy direction code,” market insiders said Sunday.

Regulatory officials also admitted that a significant requirement for the position was a commitment to privatize the 12 trillion won-injected financial group during his or her tenure.

While several candidates are vying for the Woori chairmanship, an official of the Financial Supervisory Service said the group’s recommendation committee was expected to nominate the figure who would cordially follow regulators’ policies over the process of Woori privatization.

The FSS official’s remarks indicate that the Financial Services Commission, the decision maker of the FSS, holds the key in singling out the final nominee.

The FSC has the authority to put taxpayers’ money-injected financial firms up for auction to recoup public funds.

According to market insiders, former Woori Bank CEO Lee Chong-hwi and incumbent Woori Bank CEO Lee Soon-woo are the two most powerful contenders for the top post of the group.

Lee Chong-hwi is a dream-come-true model for many rank-and-file Korean bankers. He has worked for only one bank for more than 40 years and climbed the corporate ladder fast to take the helm in 2008.

Born in Daegu in 1949, he graduated in business administration from Seoul National University in 1970 and joined Hanil Bank, a former entity of Woori Bank, in the same year.

In 1998 Hanil Bank was merged into Hanvit Bank and Lee started his career as an executive-level banker. He is currently the chairman at the Credit Counseling & Recovery Service.

Lee Soon-woo has been leading the bank unit since March 2011 as the successor of former CEO Lee Chong-hwi.

Born in 1950 in Gyeongju, North Gyeongsang Province, he has been working for the group for about 40 years after graduating from Sung Kyun Kwan University.

Woori’s recommendation committee ― after it informs the presidential office of the nominee ― is likely to publicize the result as early as this week.

Meanwhile, KB Financial Group is also gearing up to select the successor to incumbent chairman Euh Yoon-dae, who clarified that he would not seek a second term after July 12, when his three-year tenure expires.

The outgoing KB chief said over the weekend that he hoped the new chairman would be a figure “who has capacity to readily take risks.”

Euh said the coming CEO should contribute to fostering competitive small and mid-sized enterprises through drastic risk-taking ― or funding to their growth potential and idea.

Among candidates are the group’s president Lim Young-rok (No. 2 figure) and business unit CEOs including bank unit CEO Min Byong-deok.

By Kim Yon-se (kys@heraldcorp.com)