Woori Bank chief becomes first among big-5 bank heads to win reappointment

Woori Bank chief Jung Jin-wan has secured a one-year extension of his term, becoming the first among the heads of the country's five major banks whose mandates expire at year-end to win reappointment.

Woori Financial said Friday that its subsidiary CEO candidate recommendation committee convened and nominated Jung as the next Woori Bank chief. His new term will run through the end of 2027. The decision came about a month and a half after the bank launched its CEO succession process in late September.

The outcome reflects Woori Financial's "2+1" tenure policy for newly appointed bank chiefs, under which Jung was given a two-year term in November 2024 with the option of a one-year extension based on performance.

Woori Financial said the succession process this time incorporated a multi-layered review involving internal evaluations by the holding company, the bank's own executive candidate recommendation committee and outside professional institutions.

The bank's executive candidate recommendation committee played a particularly expanded role, assessing Jung's management performance before directly participating in the holding company's candidate committee proceedings to present its views.

The holding company's candidate committee also conducted its own review of Jung's performance, examining financial results, conducting a CEO interview and checking external references.

The committee cited several key achievements: restoring profitability through improved capital ratios, expanding platform businesses including Samsung Wallet, advancing productive and inclusive finance initiatives, and strengthening future readiness through investments in AI data centers and related areas.

Since taking office in 2025, Jung raised Woori Bank's common equity tier 1 ratio — which had lagged behind rival banks at the time of his appointment — to the second-highest level among commercial banks. The committee also credited him with reviving won-denominated loan growth this year, with quarterly net profit surpassing 1 trillion won ($751 million) as of the end of September. Samsung Wallet Money, which crossed 3 million subscribers within a year of its launch, was also highlighted as a notable achievement.

Jung's efforts to build a framework for productive and inclusive finance were also recognized. Under the productive finance initiative, the bank extended about 27 trillion won in loans and supplied about 2 trillion won in investment to sectors including AI chipmakers and offshore wind energy through September. The bank also introduced a 7 percent interest rate cap on personal loans and launched the One Dream Loan, an emergency living-expense product available regardless of credit rating.

"After a comprehensive review by both the bank's executive candidate recommendation committee and the holding company's candidate committee, we concluded that Jung will leverage the expanded capital capacity to drive real growth, restore profitability and narrow the gap with rival banks over the additional one-year term," a committee official said.

Jung is expected to receive final approval at a Woori Bank shareholder meeting at the end of this month.

With the terms of all five major bank chiefs — at KB Kookmin, Shinhan, Hana, Woori and NH NongHyup — expiring at year-end, Jung has moved first to lock in his reappointment. The other banks are expected to complete their own selection processes soon.