Lee Bok-hyun "Positive on Improvement Plan for Woori Financial Governance"

"Support Also from Director and System Perspectives"

Lee Bok-hyun, Governor of the Financial Supervisory Service, is speaking at the on-site meeting with financial consumers to expand win-win finance held at the Kookmin Bank headquarters in Yeouido, Seoul, on the morning of the 9th. Photo by Yonhap News
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Lee Bok-hyun, Governor of the Financial Supervisory Service, stated on the 9th that he views the direction of the organizational restructuring of Woori Financial Group positively.

After the 'On-site Meeting with Financial Consumers to Expand Win-Win Finance' held at the new building of KB Kookmin Bank in Yeouido, Seoul, Governor Lee told reporters, "It is cautious to say whether the specific measures are appropriate or not," but expressed this view.

He said, "I understand that Woori Financial is making various efforts in terms of governance, strengthening the competitiveness of the financial holding company, and diversifying its portfolio under the leadership of the new CEO."

He added, "We have the intention to support where support is needed from the supervisory and institutional perspectives," and said, "Regarding the governance improvement task force (TF), rather than strictly enforcing what is allowed and what is not from a regulatory standpoint, it would be desirable to set declarative and standard parts and proceed in a 'promotive and encouraging' manner suitable for the respective company."

Regarding the direction of lowering loan interest rates, Governor Lee said, "I fully agree with the stance of the monetary authorities, including the Bank of Korea," but added, "However, since the base interest rate has risen sharply and financial consumers are suffering unbearable pain, individual banks have room to appropriately utilize measures tailored to each bank and borrower characteristics, which would not be contrary to efforts for mutual growth."

He also elaborated on regular meetings with financial company boards of directors, saying, "After the shareholders' meetings in March are concluded, we will share details specifically."