April 25, 2024

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[THE INVESTOR] A rise in the Bank of Korea’s key rate this week, the first such move in more than six years, is expected to help Woori Bank increase profits next year, the nominee for Woori Bank’s chief executive said on Dec. 1.

Sohn Tae-seung, currently Woori Bank’s executive vice president and head of the global business group, made the remarks a day after he was named to lead the lender.

Sohn, who is expected to be appointed at the bank’s shareholders meeting later this month, also said he will step up cooperation with the government for the planned sale of the government‘s stake in Woori Bank.

The central bank has raised its key rate to 1.5 percent on, marking the first increase since June 2011.

“A rate rise is a plus factor for banks, and we will report more assets and profits by increasing non-interest income next year,” Sohn told reporters.

By Alex Lee and newswires (alexlee@heraldcorp.com)