Woori Bank CEO Sohn Tae-seung said he would seek to grow the group's business through mergers and acquisitions, The Korea Times reported Dec. 28. Sohn would also serve as chairman of Woori Financial Group Inc., the bank's new holding company.

Sohn's comments came as the bank received approval from its shareholders to convert the bank into a financial holding company. The executive added that the group plans to diversify its business portfolio after Woori Financial Group is set up.

Woori Financial Group, which is set to begin operations Jan. 11, 2019, is expected to restructure the group organization and create up to six subsidiaries to handle asset management, securities, insurance and real estate investment trust, according to the report.