Woori Financial Group chairman Lee Soon-woo pledged to prioritize raising the market value of each business unit for successful privatization of the nation’s largest financial service firm.

Through his inaugural speech at the group’s headquarters in Seoul on Friday, the new Woori chief called for his staff to put great efforts into bolstering risk management and market dominance at 13 subsidiaries.

“By minimizing the excessive rights of the finance holding firm, the group will secure voluntary management system of each subsidiary,” Lee said.

Lee clarified that the higher competitiveness of each unit such as banking and securities is urgent for the state-funded group’s successful privatization within about two years, which is pushed forth by financial authorities.

While Woori Financial has the highest number (13) of subsidiaries among Korea’s financial groups, Lee pointed out that many of them lag behind competitors.

While Lee is set to appoint of chief executives of each arm such as brokerage and insurance units, he will concurrently hold the post of group chairman and bank unit CEO.

By Kim Yon-se (kys@heraldcorp.com)