Woori Bank announced it has narrowed down CEO candidates from six to three and plans to pick the final candidate Wednesday.

The bank’s executive recommendation committee, consisting of outside directors, has chosen three candidates: current CEO Lee Kwang-goo; Lee Dong-gun, executive vice president and head of the business support group; and Kim Seung-gyu, former vice president of the management support unit at the bank.

The three will be interviewed by the committee Wednesday and the final candidate will be announced the same day, the bank said.

Financial industry officials have said that Lee’s term could be renewed, as he has largely contributed to the bank’s recent privatization after four failed attempts in 16 years.

Woori Bank became virtually privatized on Dec. 1, with the Korea Deposit Insurance Corp. selling its 29.7 percent stake in the bank to seven firms for 2.4 trillion won ($1.99 billion). Tong Yang Life Insurance, Mirae Asset Global Investments, Eugene Asset Management, Kiwoom Securities, Korea Investment & Securities, Hanwha Life Insurance and IMM Private Equity obtained the shares.

The KDIC still owns a 21.4 percent stake in Woori Bank.

By Kim Yoon-mi (yoonmi@heraldcorp.com)