Woori Bank to select new head

Woori Finance Holdings will select a new chief of Woori Bank as it wraps up the nomination to lead the group's chairmanship.

South Korea's state-run banking group said its seven-member special president selection committee met Friday to finalize the detailed timetable to pick new heads for the group's three banking affiliates -- Woori Bank, Kyongnam Bank and Kwangju Bank.

South Korea's No. 2 financial services company said it will place public ads for the selection on Saturday and accept applications until March 4.

The selection comes as the group said on Tuesday its incumbent chairman Lee Pal-seung will remain at the helm in an effort to help accelerate the stalled privatization of the state-run banking group.

Woori Bank is currently being led by Lee Chong-hwi, whose three-year term ends in late March.

The group said shortlisted candidates are likely to undergo interviews and a presidential nominee will stand before the board of directors to have their nomination confirmed in mid-March. Shareholders will also hold an annual meeting on March 25 to give the final nod.

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