Woori Bank to confirm new company structure in Nov.

Woori Bank will determine the leadership and specific structure of its new holding unit next month after the country’s financial regulator approves its new governance system.

The bank held a board meeting on Friday, but refrained from discussing any issues related to a switch to a holding structure.

“The board members didn’t discuss the issue,” said a spokesperson at Woori Bank. “We plan to hold another meeting after the Financial Services Commission officially approves the holding structure on Nov. 7.”

The biggest question is who will be the chairman of the possible new unit that will govern the different Woori affiliates, including Woori Bank.

Different scenarios are bouncing around, but the expectation seems to be that Sohn Tae-seung, CEO of Woori Bank, will double as the head of the holdings unit, at least to start with.

“There is a consensus that, in the beginning, Woori needs to reduce risk,” said a source at Woori Bank who requested anonymity.

“Since the CEO has built a good track record, it is likely that the head will double as chairman while things settle down,” the source said.

Choi Jong-ku, head of the Financial Services Commission, said that the government won’t intervene in selecting the top post.

By Park Eun-jee