Woori to spend W100 tril on ESG projects koreatimes.co.kr - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from koreatimes.co.kr Daily Mail and Mail on Sunday newspapers.
Woori set to vindicate CEO over Lime fiasco
Posted : 2021-04-09 16:37
Updated : 2021-04-09 16:51
From left are Woori Financial Group Chairman Son Tae-seung and Shinhan Bank CEO Jin Ok-dong. Courtesy of each firm
By Lee Min-hyung
Woori Financial Group plans to make group-wide efforts to mitigate tough sanctions slapped on its Chairman Son Tae-seung over its involvement in a nationwide fund mis-selling fiasco last year.
The Financial Supervisory Service (FSS) recently reprimanded the Woori chief for his poor supervision of fund sales linked to Lime Asset Management. The financial regulator originally intended to suspend Son from duty, which would have been a harsher punishment; but the reprimand is still considered quite substantial in the industry.
Banking groups fearful of unilateral punishment from financial regulator
Posted : 2021-03-09 16:52
Updated : 2021-03-10 01:09
Korea Federation of Banks Chairman Kim Gwang-soo speaks during an online press conference at its headquarters in Seoul, Tuesday. Courtesy of Korea Federation of Banks
By Lee Min-hyung
The head of a federation representing the interests of Korean banks said lenders have grown fearful of unilateral punishment by financial regulators, which has apparently heightened uncertainties for top management. Korea Federation of Banks (KFB) Chairman Kim Gwang-soo said Tuesday that the punitive measures were aimed at chastising bank chiefs who fail to maintain control over their businesses, but the rationale used by regulators remains unclear.
Woori privatization plan losing momentum
Posted : 2021-03-07 15:01
Updated : 2021-03-07 18:34
Woori Financial Group Chairman Son Tae-seung delivers a speech during the group s management strategy meeting at its headquarters in Seoul on Jan. 17. Yonhap
By Lee Min-hyung
Woori Financial Group s planned privatization has hit another snag after its recent decision to reduce dividend payouts.
Last year, the Financial Services Commission (FSC) was supposed to start selling part of the government s 17.25-percent stake in the financial holding firm aiming to achieve Woori s 100-percent privatization by the end of 2022.
But the state-run Korea Deposit Insurance Corporation, which holds ownership of Woori with the stake, did not sell any of it last year, as Woori s stock price failed to bounce back to levels that met the government s expectations due to the coronavirus outbreak. The corporation s earlier plan was to start selling Woori shares sometime in the first half of 2020, but it
Woori chairman likely to avoid heavy sanctions koreatimes.co.kr - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from koreatimes.co.kr Daily Mail and Mail on Sunday newspapers.