The chairman of Woori Financial Group Inc. publicly apologized on Monday for the improper extension of loans totaling about $45 million (61.6 billion won) by Woori Bank to relatives of former chairman Son Tae-seung.

These loans, issued from April 2020 to Jan. 2024, were found to have bypassed standard screening processes. Of particular concern was $25.5 million (35 billion won) in loans granted without proper documentation, collateral verification or adherence to internal review processes​, reflecting severe governance lapses within the institution.