Woori CEO gives up on extension of term

CEO Lee Soon-woo

By Choi Kyong-ae

Woori Bank CEO Lee Soon-woo said Monday he will not pursue an extension of his term following the failure of the government to sell its controlling stake in the bank.

He will step down from the post next year.

“When I look back on the past years of making efforts to retrieve taxpayers’ money by selling the stake, I think I have done my part and it’s time to keep my word,” Lee said in a statement.

One-and-a-half years ago when he was made head of Woori Financial Group, Lee said he would quit his job at the end of December 2014. The financial authorities wanted the sale process to be wrapped up within this year, a bank spokesman said.

Lee also served as CEO of Woori Bank since March 2011. His position at Woori Financial Group disappeared on Dec. 1 when the financial firm was merged into Woori Bank.

On Nov. 28, the government’s fourth attempt to sell a 56.97 percent stake in Woori Bank in two batches failed to draw multiple bidders. The auction failed as only a Chinese insurance company expressed interest.

The Public Fund Oversight Committee under the umbrella of the Financial Services Commission (FSC) began the latest sale process on Sept. 30 to sell a 30 percent stake in Woori Bank to a single bidder. The deadline for interested parties to submit bids was Nov. 28, with a preferred bidder chosen early next year.

The bid for the remaining 26.97 percent also failed to attract bidders on Nov. 28.