SEOUL, Nov. 30 (Korea Bizwire) – The board of Woori Bank on Thursday named its acting chief Sohn Tae-seung the new head of South Korea’s No. 3 lender, officials said.
Sohn, the lender’s executive vice president and head of the global business group, was designated to lead the bank for a three-year term at a meeting of board members.
Sohn, 58, has been serving as acting chief since former president Lee Kwang-goo resigned over alleged irregularities in hiring new employees that took place last year.
His appointment is subject to approval at a shareholders’ interim meeting slated for Dec. 22.
He said that he will make efforts to develop the bank into South Korea’s top lender by 2020.
Woori Bank posted a net profit of 280 billion won (US$257 million) in the third quarter, down 21.2 percent from a year earlier.