Woori Bank vice president Lee Kwang-goo was expected to become president of the bank following an abrupt decision by the incumbent head to step down.

Lee was among the three candidates that the bank’s presidential nomination committee revealed, but industry watchers believe he has the biggest shot at the presidency, citing his connection to the government and high-ranking officials in the financial sector from his alma mater ― Sogang University.

Rumors have been mushrooming that Sogang graduates were gaining power in the finance industry under the Park Geun-hye administration. Park is also a graduate of Sogang University, which spurred controversies and concerns about government-controlled finance.

Aside from Lee, the other two candidates are the bank’s senior vice director Lee Dong-gun and Woori Bank China president Jung Hwa-young.

On Monday, current Woori Bank head Lee Soon-woo sent out an email to employees saying he would not serve another term as he has “fulfilled all his duties” during the privatization process. Lee’s term ends this month.

The decision came as the government has been unsuccessfully trying to sell its controlling stake in Woori. Bidding did not go as planned due to a lack of interest, and local financial authorities confirmed that they would consider selling the lender again next year.

Meanwhile, Woori Bank said it would hold an in-depth interview with the candidates on Friday and confirm the new president at a temporary board meeting on Dec. 9.

The bank will officially appoint the new chief at a shareholders’ meeting on Dec. 30.

By Suk Gee-hyun (monicasuk@heraldcorp.com)