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Lee Myung-bak

Woori Finance CEO Resigns After Privatization Failures

The head of South Korea's state-owned Woori Finance Holdings Co. (053000.SE) resigned Sunday, describing as "regretful" the failure to privatize the banking giant three times in as many years, as the government plans to try a fourth time to sell its 57% stake in the bank, which is worth around $4.8 billion.The Financial Services Commission is now expected to push for a swift privatization after saying earlier this month that it hoped to reveal a new privatization plan by the end of the first half of the year, analysts said.Lee Pal-seung, the chairman and chief executive of Woori Finance, said in a statement Sunday that he would step down once his replacement was appointed, a process the company said is likely to take around two months. "There were three attempts until last year to privatize Woori Finance, but all failed, which I find regretful," he said.Mr. Lee was among a number of leaders at key state-owned financial firms and government agencies that were widely expected to step dow...

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