Aju Savings Bank Appoints Shin Myung-hyuk, Former Woori Bank Vice President, as New CEO

[Asia Economy Reporter Minji Lee] Shin Myung-hyuk, former Vice President of Woori Bank, has been appointed as the Chief Executive Officer (CEO) of Aju Savings Bank, a subsidiary under Woori Financial Group, which was incorporated at the end of last year.

According to the financial sector on the 4th, Aju Capital held a nomination committee meeting on the 30th of last month and unanimously recommended Shin Myung-hyuk, former Executive Vice President of Woori Bank’s Asset Management Group and Vice President in charge of Asset Management at Woori Financial Group, as the final CEO candidate. Accordingly, Shin is expected to be officially appointed at the shareholders' meeting in March after approval by the board of directors later this month.

Shin joined Woori Bank in 1992 and has held various positions including Head of Woori Bank’s Busan West and Gangdong Gangwon Sales Headquarters, Executive Director of Woori Bank’s Trust Pension and SME Group, Executive Vice President of Woori Bank’s SME Group and WM Group, and Executive Vice President of Woori Bank’s Asset Management Group.

Woori Financial Group completed the incorporation of Aju Capital as its subsidiary last month and incorporated Aju Savings Bank, a 100% subsidiary of Aju Capital, as its grandchild company. Woori Financial plans to acquire shares of Aju Savings Bank from Aju Capital in the future to incorporate it as a direct subsidiary.

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