SME financing expert tapped as head of Woori Bank

Jung Jin-wan / Courtesy of Woori Financial Group

A recommendation committee at Woori Financial Group named Jung Jin-wan as the sole candidate for the next CEO of Woori Bank.

The appointment of the current executive vice president of Woori Bank's small- and medium-sized corporate group will be finalized at a shareholders' meeting next month. He is set to begin his two-year term as CEO in January.

The recommendation aligns with the financial authorities' guidelines desinged to strengthening internal governance, prompted by a number of employee misconduct cases and questionable business practices within the bank.

The outgoing CEO Cho Byung-kyu recently informed the committee that he would not seek a second term, cornered by escalating scrutiny over improperly granted loans exceeding 31 billion won during the unchallenged leadership of former Woori Financial chair Son Tae-sung.

Jung was shortlisted after a months-long review process that included in-depth interviews with non-Woori experts, a reputation assessment, CEO mentoring, and interviews with the Woori board. He also presented a detailed management plan as part of the selection process.

Born in 1968, he graduated from Kyungpook National University.

He joined Woori Bank in 1995 and has since held various positions, including manager roles of retail branches and as the head of the strategy division.

“He has deep expertise in both domestic and global businesses, an asset that will propel the growth of Woori Bank,” the committee said.

“Jung is the youngest candidate and has been widely well-received by both Woori employees and external figures. He is considered the best fit to lead an organizational overhaul and drive a corporate finance-centric business strategy.”

Jung said he will fortify internal controls to restore Woori’s reputation tarnished by repeated scandals.

“I will prioritize an overhaul of the organization and corporate culture,” he said.

“An organizational reform and performance-based evaluation will help restore Woori Bank’s competitiveness.”

Meanwhile, the prosecution raided the headquarters of Woori Financial Group and its bank subsidiary, Nov. 28, as part of an expanded investigation into the improperly granted loans.

The investigation gained momentum after the prosecution imposed an overseas travel ban on Son, identifying him as a suspect rather than a witness. Three of his loyalists under suspicion of expediting the loans have been indicted on charges of bribery over the past two months. Son was questioned by the prosecution but avoided arrest, Tuesday. Cho remains under investigation as a suspect.