Woori Bank chief wins extra year as rivals await term decisions

Woori Bank's CEO, Jung Jin-wan, has been granted an extra year to serve, making him the first among the chiefs of Korea's five largest commercial banks to receive such a term extension. The decision was made by Woori Financial Group's subsidiary CEO recommendation committee, who recommended Jung for an additional year, extending his term until December 31, 2027. His appointment is contingent upon approval at an upcoming shareholders meeting.

Jung initially joined Woori Bank in November 2024 for a two-year term, with the option of a one-year extension based on his performance. The recommendation committee highlighted his efforts to bolster the bank's capital position, grow its digital platform businesses and push inclusive finance initiatives during his time in charge.

Specifically, they noted that Jung had increased Woori Bank's common equity Tier 1 capital ratio - which was trailing behind that of rival lenders when he took office - to the second-highest level among commercial banks.

Woori Financial also praised Jung's other contributions.