South Korea’s top banking group Woori Finance Holdings Co. is likely to announce a nominee to replace Chairman Lee Pal-seung later this week, officials said Tuesday.

Woori Finance is poised to unveil a group head nominee on Thursday as its selection committee recently reviewed the short list of candidates and passed the list to the financial watchdog, according to officials. A group chief nominee is subject to approval from the group’s board members and shareholders.

Apparently giving in to mounting pressure, Woori Finance chief Lee offered to step down on April 12, around 11 months before his official term ends.

Lee Soon-woo, head of the group’s banking unit Woori Bank, and Lee Chong-hwi, former president of the bank, were known to be included on the short list, according to an industry source.

The planned announcement comes as the government is seeking to restart the privatization of Woori Finance, whose sale, estimated at around $6 billion, has faltered three times so far. (Yonhap News)