Lee Bok-hyeon, the head of the Financial Supervisory Service (FSS), said on the 19th regarding the assignment of a grade 3 evaluation to Woori Financial Group that "the existing management evaluation score was also close to grade 3 by a margin of 0.1 points." This explanation is seen as a response to the controversy that the FSS had predetermined the evaluation grade for Woori Financial.
On the same day, Lee held a press conference at the headquarters of the FSS in Yeouido, Seoul, and made this statement. He noted that on the 18th, the FSS had finally communicated the grade 3 management evaluation results to the Financial Services Commission and Woori Financial, adding that "there were some score reductions compared to previous evaluations." He further added, "To put it another way, if Woori Financial's previous evaluation score of grade 2 dropped even slightly, it would fall to grade 3." The FSS confirmed the grade 3 results of Woori Financial's management evaluation after conducting a regular inspection last year.
The reason Lee mentioned the past management evaluation scores is interpreted as an effort to dispel suspicions regarding the evaluation. Since last year, Lee has repeatedly brought up Woori Financial's internal control failures in official settings. Additionally, after the regular inspection, Lee and the FSS executives responsible for financial groups had warned that issues concerning internal controls and asset soundness within Woori Financial would be reflected in the management evaluation. As a result, some raised suspicions that the FSS had predetermined the grade 3 result and was merely going through the motions.
On the same day, Lee also mentioned ongoing issues regarding Woori Financial's acquisition of Tongyang and ABL Life. He stated, "The FSS plans to convey its opinion to the Financial Services Commission in March regarding the inclusion of Woori Financial's subsidiaries, Tongyang and ABL Life," adding, "As Woori Financial has submitted various plans for acquiring the insurance companies, we will consider them comprehensively." According to current FSS supervisory regulations, a financial group with a management evaluation grade of 3 cannot incorporate subsidiaries. However, the Financial Services Commission can grant exceptions if the financial group meets certain conditions, such as capital increases.
Meanwhile, when asked what his opinion would be regarding Woori Financial's acquisition of Tongyang and ABL Life as a commissioner of the Financial Services Commission, Lee replied, "There is currently no confirmed opinion."