[THE INVESTOR] Woori Bank announced on Nov. 8 that President and CEO Sohn Tae-seung has been appointed to double as president of a holding company scheduled to be launched in January.
The bank’s board of directors approved his appointment until March 2020, soon after the Financial Services Commission gave the green light to its plan to turn itself into a holding company, seven months after submitting a proposal.
Through this move, Woori Bank, the nation’s only commercial bank that doesn’t have a holding company structure, seeks to bolster its competitiveness in non-banking businesses which it lost in 2014.
The bank was established as the nation’s first financial holding company in 2001 but gave up the status as part of the government’s privatization scheme in November 2014. The government sold its 28 percent stake to seven institutional investors in 2016, but still holds 18.5 percent in the bank.
Senior FSC officials said the government will sell off its remaining stake after it turns itself into a holding company.
President and CEO Sohn Tae Seung
Sohn will be officially appointed as chairman at another board meeting on Dec. 28. He was tapped as the chief of the nation’s third-largest commercial bank in December 2017 for a three-year term.
Once launched, the holding company will have 23 subsidiaries under its umbrella.
By Park Ga-young (firstname.lastname@example.org)