November 27, 2024

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Woori Financial Group Chairman Yim Jong-yong (Woori Financial Group)

Chairman Yim’s appointment followed financial authorities' persistent pressure on Yim’s predecessor Son Tae-seung to resign and accept the penalty that he received for mis-selling funds run by now-defunct Lime Asset Management.

This is why Yim, a former career bureaucrat, has been prioritizing fairness and transparency within the group, according to industry sources.

When appointing the group’s subsidiary Woori Bank’s new CEO in May, he also made sure the procedure is done transparently, according to Woori Financial Group.

The head position of Woori Bank has remained vacant for almost three months since the resignation of former CEO Lee Won-duk on March 7. Lee submitted his resignation approximately a month after Yim was appointed as the new chairman of the financial group in early February.

In a letter to Woori employees on Friday, he stressed that the group’s system will become fairer and more transparent. He also said that his priority is on enhancing the human resources system.

Yim’s next step will also include expanding its nonbanking portfolios further.

"To continuously enhance the competitiveness of our nonbanking sector, we will diversify the group's business structure by expanding nonbanking portfolios, such as securities and insurance,” Yim said during a conference call for the earnings in the first quarter.

However, this might be a challenging mission for Woori, as it failed to acquire Yuanta Securities -- an investment firm considered highly preferable for acquisition.

Woori Financial Group’s net profit in the first quarter this year was the lowest among the five groups, standing at 911.3 billion won.

By Song Seung-hyun (ssh@heraldcorp.com)