Woori Finance Holdings Co., South Korea's top banking group, is likely to launch a committee next week to select a new head to replace Chairman Lee Pal-seung, officials said Monday.
Chairman Lee offered to resign from the top post of the state-owned Woori Finance on Sunday, 11 months ahead of the official end of his term, as political pressure mounts.
A seven-member committee to select a new chief is likely to be launched on Tuesday when a board meeting will be held, according to officials. A shareholders' meeting is slated for June 10 for approval.
"Shortlists for a new head would be drawn up by around mid-May," said an official at the group.
The move came as the government is seeking to restart the privatization of Woori Finance, whose sales, estimated at around US$6 billion, faltered three times so far.
Lee's resignation also came as political pressure has been mounting on the heads of three local banking groups including Lee, close aides to former President Lee Myung-bak, to step down, regardless of when their terms end.
KDB Financial Group Chairman Kang Man-soo offered to leave his post in late March. Euh Yoon-dae, chairman of KB Financial Group, Korea's No. 2 banking group, said Monday he will remain at his post until the end of his term despite such pressure.
KB Financial Group is not a state-run banking group, but the Korean government has been pressing these figures to step down as part of its moves to reshuffle the banking sector.
Shin Je-yoon, the chairman of Financial Service Commission, earlier made it clear that banking chiefs need to be "on the same wavelength" as the president. (Yonhap News)
