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Photo = Yonhap news |
[Alpha Biz= Paul Lee] Lee Bok-hyeon, the head of the Financial Supervisory Service (FSS), commented on last year's inspection results for Woori Financial Group, stating that the actions of former CEO Son Tae-seung, including encouraging branch managers to refer friends and family for loans, could negatively impact public perception.
He emphasized that such actions, which affect consumer protection, risk management, and capital adequacy, must be met with strict measures.
However, Lee assured that during the management evaluation process, the opinions of Woori Financial Group would be actively considered. He stressed that clear communication with the financial institution would help adjust to realistic aspects while complying with laws and procedures, especially regarding mergers and acquisitions (M&A).
In response to concerns about the pace of the management evaluation process, particularly in relation to Woori Financial's potential acquisitions of Dongyang and ABL Life Insurance, Lee clarified that the FSS would expedite the review without compromising the thorough examination of materials. He emphasized the importance of reaching a well-considered conclusion through careful analysis and open dialogue with the concerned financial institutions.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
