The Industrial Bank of Korea (IBK) is on course to overtake Woori Financial Group in market capitalization, as the latter s weak earnings outlook continues to weaken investor sentiment.
Yim Jong-ryong, a former chief of the Financial Services Commission (FSC), took office Friday as the next chairman of Woori Financial Group under a three-year tenure. He pledged to revamp Woori s corporate culture and enhance the firm s competitiveness by realigning relations between the holding company and its affiliates.
Woori Financial Group Chairman Son Tae-seung has officially decided to wrap up his four-year term ending in March this year, and not to seek another term as group chief. “Today, I d like to say that I am also joining a generational shift movement that s been trending in the local financial industry,” Son said in an official statement released Wednesday.
Woori Financial Group Chairman Son Tae-seung won a final victory in his legal battle to repeal a punitive measure imposed on him by local financial authorities, after the Supreme Court ruled in his favor.