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Woori Bank Refuted Exaggeration of Outcomes from Overseas Investment Relations
Controversy over Exaggeration
Woori Bank Refuted Exaggeration of Outcomes from Overseas Investment Relations
  • By Jung Suk-yee
  • July 14, 2016, 00:45
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Woori Bank is scheduled to establish a subsidiary in Hanoi, Vietnam as the bank has received preliminary approval from the country’s central bank.
Woori Bank is scheduled to establish a subsidiary in Hanoi, Vietnam as the bank has received preliminary approval from the country’s central bank.

 

Lee Kwang-goo,president of the Wooribank
Lee Kwang-goo,president of the Wooribank

 

Woori Bank has refuted a local Internet media’s report that Woori Bank is exaggerating the results from its overseas investor relations.

According to an article on the website of the Internet media on July 13, Woori Bank announced that its president and CEO Lee Kwang-goo held three to four overseas investor relations in Asia, Europe and America from February 2015 to recently, meeting more than 40 investors. The article said the truth is that CEO Lee met less than 10 investors. It also added that it asked the bank to show the list of the investors CEO Lee met but the bank refused. The media pointed out that Lee, whose term is expiring at the end of this year, is exaggerating his achievements for his being reelected.

Woori Bank sent written explanations to every media outlet, arguing that the article issued by the local internet media on July 13 is not true. It said CEO Lee met 52 investors in total during overseas investor relations—31 investors in Singapore and Europe, 15 in the US and 6 in Japan, adding that it did not reveal the list to protect the investors and follow international financial practices for its privatization. It also warned that it would strongly respond to the reports that hinder its efforts to successfully push ahead its privatization.