"Woori Financial's Board of Directors, Cho Byung-kyu, President of Woori cannot serve consecutive terms"

Woori Bank President Cho Byung-kyu is expected to step down at the end of next month over an unfair loan case involving former Woori Financial Group Chairman Sohn Tae-seung's relatives.

Woori Financial Group's directors reportedly discussed whether to serve a second term as president Cho at a regular board meeting this afternoon and gathered their opinions.

Cho took over the remaining term of former president Lee Won-deok, who voluntarily resigned, and has been president of the bank since July last year, and is set to expire on the 31st of next month.

As a result of discussing whether President Cho will serve a second term, the directors reportedly decided that the aftermath of the unfair loan incident has grown and replacement is inevitable after the term expires.

The candidate for the next president of Woori Bank is expected to be outlined around next week.In addition to President

trillion, KB Kookmin Bank President Lee Jae-geun, Shinhan Bank President Lee Sanghyuk Jung, and Hana Bank President Lee Seung-yeol will finish their terms on the 31st of next month.

They are widely expected to win a second term unless there is a last-minute unexpected variable.