Woori Bank CEO secures additional 1-year term

Woori Financial Group’s subsidiary CEO nomination committee has approved a one-year extension for Woori Bank CEO Jung Jin-wan, citing improvements in the bank’s capital ratio and an expanded customer base, the group said Friday.

Jung’s current term, which expires at the end of this year, will be extended through Dec. 31, 2027, subject to final approval at a shareholders meeting later in November.

The decision came about a month and a half after the committee launched the bank chief succession process in late September.

Under the group’s policy, newly appointed bank chiefs are given an initial two-year term, with a possible one-year extension depending on a review of their management performance.

The committee cited several key achievements under Jung’s leadership, including a recovery in profitability through improved capital ratios.

Building on the stronger capital position, the bank resumed growth in loans this year and narrowed its earnings gap with rival banks, with quarterly net profit surpassing 1 trillion won ($750 million) as of the end of September, the committee said.

The committee also highlighted the expansion of Woori Bank’s customer base through its platform businesses, including Samsung Wallet Money, which surpassed 3 million subscribers within a year of its launch.

“Following a comprehensive review, we concluded that Jung would translate the bank’s expanded capital capacity into stronger business performance over his additional one-year term, delivering tangible growth, a recovery in profitability and a narrowing of the gap with rival banks,” a committee official said.

Jung is the first among the heads of Korea’s five major banks — KB Kookmin, Shinhan, Hana, Woori and NH NongHyup — to have his reappointment confirmed, as their terms are all set to expire at the end of this year. The other banks are expected to conclude their CEO selection processes soon.