FSS Postpones Comprehensive Inspection of Woori Financial Group... "Considering the COVID-19 Situation"

[Asia Economy Reporter Kim Jin-ho] The Financial Supervisory Service (FSS) has abruptly postponed the comprehensive inspection of Woori Financial Group, which was originally scheduled for this month. This decision was made based on the judgment that it would be difficult to conduct on-site investigations smoothly amid the ongoing COVID-19 situation.

According to financial authorities on the 2nd, the FSS decided to postpone the comprehensive inspection of Woori Financial Group and Woori Bank, which had been notified for the 15th of this month. An FSS official explained, "Although the plan was set, we judged that it would be difficult to conduct the investigation this year due to the difficulty of on-site inspections amid the COVID-19 situation."

The comprehensive inspection is a high-intensity examination that requires the most time and manpower among the on-site inspections and evaluations conducted by the FSS. Initially, the FSS had announced its intention to conduct 16 comprehensive inspections this year, more than the average number in previous years.

However, due to the COVID-19 situation, comprehensive inspections were only conducted at KB Financial Group, Kookmin Bank, Samsung Fire & Marine Insurance, Meritz Securities, and a few others. Since the inauguration of Director Jeong Eun-bo, who emphasized a "market-friendly policy," there is an interpretation that the high-intensity comprehensive inspection system for financial companies has slowed down.

Meanwhile, instead of the comprehensive inspection of Woori Financial Group, the FSS is reportedly planning to conduct a management status inspection of SC First Bank on the 22nd.

This content was produced with the assistance of AI translation services.