Woori Bank chief wins extra year as rivals await term decisions

Woori Bank CEO Jung Jin-wan has secured a one-year extension of his term, becoming the first among the heads of Korea's five major commercial banks whose terms expire at the end of this year to win another term. Woori Financial Group said Friday that its subsidiary CEO recommendation committee decided to recommend Jung for an additional year, extending his term through Dec. 31, 2027. His reappointment is subject to final approval at a shareholders' meeting scheduled for later this month. Jung was initially appointed in November 2024 for a two-year term, with the possibility of a one-year extension based on his performance. Announcing the recommendation results, Woori Financial pointed to his efforts to strengthen the bank's capital position, expand its digital platform businesses and advance inclusive finance initiatives during his tenure. In particular, the group said Jung had raised Woori Bank's common equity Tier 1 capital ratio — which lagged behind those of rival lenders when he took office — to the second-highest level among commercial banks. Woori Financial also cited his effort