Eun Sung-soo: "Considering Timing for Woori Financial Stake Sale Due to Market Difficulties"

Eun Sung-soo, Chairman of the Financial Services Commission

[Asia Economy Reporter Kim Hyo-jin] Eun Sung-soo, Chairman of the Financial Services Commission, expressed on the 20th that he is "concerned about the timing" regarding the government's plan to sell the remaining shares of Woori Financial Group.

Chairman Eun made this remark during the plenary session of the National Assembly's Political Affairs Committee in response to Rep. Kim Jong-seok of the United Future Party, who pointed out that Woori Financial should be freed from government control through the sale of shares.

Chairman Eun said, "I think we should sell quickly so that Woori Financial can compete more in the market," but also mentioned, "The market situation is difficult, so there is concern about the timing."

The Financial Services Commission's Public Fund Management Committee has set a policy to sell the shares (18.3%) of Woori Financial held by the Korea Deposit Insurance Corporation by 2022.

Chairman Eun stated, "Although the government is the major shareholder, it does not intervene in personnel matters," adding, "Management is entrusted autonomously."

Regarding the incidents such as the large-scale redemption suspension and losses of Lime Asset Management's private equity funds and losses from overseas interest rate-linked derivative-linked funds (DLF), Chairman Eun expressed that "(the Financial Services Commission) has comprehensive responsibility for government policies."

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