Woori Bank, Deputy CEO Dismissed in Personnel Shakeup... Negligence in Loan Screening Supervision

Woori Bank dismissed its vice president on the 7th due to negligence in loan screening supervision.

The prosecution conducted a search and seizure at the Woori Bank headquarters in Jung-gu, Seoul, on the 27th in connection with former Woori Financial Group Chairman Sohn Tae-seung's relative's improper loan amounting to approximately 35 billion won. Photo by Kang Jin-hyung aymsdream@

According to the financial sector, Woori Bank excluded Vice President Kwak Hoon-seok (Head of the Foreign Exchange Group) from his duties on the day and appointed Vice President Lee Hae-kwang as the new Head of the Foreign Exchange Group.

It appears that Vice President Kwak was held responsible for failing to properly manage and supervise the loan screening conducted by branch managers under his supervision while serving as the Head of the Sales Headquarters.

The financial authorities recently announced that multiple issues, including negligence in verifying the authenticity of customer-submitted documents, were detected at Woori Bank.