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Finance

Woori Financial starts bank CEO succession process, expands committee role

Woori Financial Group has begun management succession procedures to appoint the next head of Woori Bank. Woori Financial Group said it launched the process after holding a meeting of its subsidiary CEO candidate recommendation committee. The company plans to expand the role of the bank executive candidate recommendation committee, add a new review of management performance, and involve external specialist organisations to verify performance from a market perspective. It will also set detailed standards and procedures in advance.

Finance

Woori Bank to extend usance to remittance import trades, with payment deferred up to 1 year

Woori Bank will expand the use of usance, commonly used in letter-of-credit transactions, to import trades conducted via remittances. Under the arrangement, the bank pays overseas exporters first and importers repay the bank after an agreed period, with repayment deferred by up to 1 year. The bank also signed a main-banking agreement with the Korea Packaging Material Recycling Business Mutual Aid Cooperative to strengthen support for member companies over the next three years.