In a meeting of government officials and local bank presidents on Wednesday, Lee Bok-hyun, governor of the Financial Supervisory Service (FSS), also said the regulator will thoroughly look into any wrongdoings by Woori and other banks and take action if necessary.“He (Yim) should be responsible for resolving recent issues at Woori, including loan scandals, under his leadership,” Lee told reporters after the meeting.“The reality is that factions exist within Woori Bank and internal controls have weakened.
Regarding market concerns that commercial banks have not reflected recent BOK policy rate cuts in their lending interest rates for higher loan margins, he said, “I expect the central bank’s monetary easing stance, which started last October, to be felt in the market from the first quarter of this year.”“When the BOK makes its next rate decision, it should consider inflation, GDP and foreign exchange.
At Wednesday’s meeting of bank chiefs, the FSS governor called on them to enhance their internal control system and risk management to prevent the recurrence of illegal lending and other wrongdoings.“Woori should solve its problems under a clear governance system.
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