(Photo= Yonhap news)

 

[Alpha Biz= Reporter Kim Sangjin] On the 2nd, the Financial Supervisory Service (FSS) announced that it will start a regular inspection of Woori Financial Group and Woori Bank next month. The FSS has sent out advance notices for the inspection, which will commence in early October and is expected to last around two months, though the period may be extended depending on the results.

Currently, the FSS is conducting regular inspections of KB Financial Group and KB Kookmin Bank with a large inspection team of about 40 members. It is unusual for inspections of two major financial holding companies to occur simultaneously, indicating a high level of scrutiny for Woori Financial Group and its affiliates.

The FSS is also carrying out spot checks related to allegations of improper loans involving former Chairman Son, including on Woori Bank, Woori Financial Savings Bank, Woori Capital, and Woori Card. The regular inspection will focus on internal control systems, risk management, and financial soundness across Woori Financial Group and its subsidiaries.

The timing of this inspection is notable as it follows Woori Financial’s recent acquisition agreements for Dongyang Life Insurance and ABL Life Insurance. Under current financial holding company regulations, acquiring other financial companies requires approval from financial authorities, which also requires the holding company to demonstrate sound management and business feasibility post-acquisition.

 

 

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