Yim Jong-yong, chief executive and chairman of Woori Financial Group, is set to secure a second term following a series of acquisitions that have transformed the group into a more diversified financial conglomerate.
Yim is expected to begin a new three-year term in March, pending shareholder approval.
Woori Financial’s CEO Nomination Committee on Monday named Yim, a former vice finance minister, as its sole final candidate for the chairmanship.
Lee Kang-haeng, head of the committee, said all seven outside directors agreed that Yim had completed the group’s transition into a comprehensive financial group during his first three-year term.
In 2025, Woori Financial took over Tongyang Life Insurance Co. and ABL Life Insurance Co. from China’s Dajia Insurance Group Co. for 1.55 trillion won ($1.16 billion).
The acquisition followed the 2004 purchase of Korea Foss Securities Co., an online brokerage firm, to launch Woori Investment & Securities Co. It marked the South Korean financial holding group’s return to the brokerage market after a decade.
The move brought the country’s fourth-largest financial group closer to rivals such as KB Financial Group, Shinhan Financial Group and Hana Financial Group.
The committee said that Woori’s immediate priorities include strengthening its securities and insurance businesses, while preparing for structural changes driven by artificial intelligence and the rise of stablecoins.
Non-banking arms accounted for only 7% of Woori Finanial’s net income in the first three quarters of the year, little changed from before the expansion into securities and insurance.
During his second term, Yim said he would focus on strengthening synergies across the group’s expanded portfolio.