So he relinquished his role as CEO of Hana Bank, the institution that he had built up from a small finance company. As part-time chairman, Yoon figured he’d have time to travel, play golf and devote himself to bringing more recognition to South Korean arts.
How did he wind up instead leading Woori Financial Holdings to a New York Stock Exchange listing in October?
Two years ago Woori’s owner -- Seoul -- asked Yoon if he’d get the troubled bank company back on its feet. “I needed to do some national service for a few years,” he says. He concedes that he also relished the challenge of trying to turn around South Korea’s second-biggest bank.
Coming out of retirement wasn’t so easy, however. “To be honest, I had really given up [work] and didn’t want to start putting in long hours again,” Yoon confesses. He worried that his 14 golf handicap would rise and that his wife would complain about not getting out to the ballet.
The arts community’s loss has been Woori’s gain. The company has grown its assets from $82 billion to $105 billion by building on the recognized Woori brand. The government plans to begin selling down its 80 percent stake in Woori in 2004. Once the company is privatized, says Yoon, it can create a “regional footprint, because our customers -- mainly medium-size and small Korean companies -- are increasingly doing business in greater China or Southeast Asia.” He wants to expand into investment banking and says that an acquisition is also possible.
Yoon expects to remain at Woori long enough to carry out his five-year plan. He chuckles, “Next time I retire, it will be for good.”
