[Exclusive] Former Woori Bank CEO Kwon Kwang-seok Named Chair of CL Asset Management; Invests in 10% Stake [fn Market Watch]

[Financial News] Kwon Kwang-seok, former CEO of Woori Bank, has been appointed chair of private equity fund (PEF) manager CL Asset Management. The newly appointed chair also personally acquired a 10% stake in CL Asset Management using his own funds. Rather than simply bringing in a professional manager, he has directly bet on the company's growth.
Chair Kwon is regarded as a financial-industry heavyweight who served as head of Woori PE, head of the credit and mutual-aid business at the Korea Federation of Community Credit Cooperatives, and CEO of Woori Bank before making the final shortlist for chair of KB Financial Group.
According to the investment banking (IB) industry on the 6th, CL Asset Management recently appointed former CEO Kwon Kwang-seok as chair. The appointment came after real-estate developer Mine42 acquired control of CL Asset Management. The plan is to combine real-estate development with financial capabilities and transform the company into an integrated asset-management and real-estate-development group.
An IB industry source said, "Chair Kwon has experience not only in banking but also in private equity and institutional investment," adding, "He is expected to contribute to CL Asset Management's fundraising and expansion of investments through his LP network, deal sourcing and financial-structure design expertise."
Born in 1963, Chair Kwon began his career at Commercial Bank and was appointed head of Woori PE at the end of 2017 after serving as vice president of Woori Bank's IB Group.
He led the acquisitions of AJU Capital and AJU Savings Bank, and later served as head of the credit and mutual-aid business at the Korea Federation of Community Credit Cooperatives and as CEO of Woori Bank. During the selection process for chair of KB Financial Group, he made the final shortlist. He currently also serves as an outside director of Korea Zinc.
Meanwhile, CL Asset Management is a private equity firm established in 2020. Earlier, Mine42 acquired a 90% stake, including shares held by former CEO Park Jin-seok and other investors.
Mine42 secured 50% to become the largest shareholder, while Mine42 CEO Yoo Su-jin acquired 40% in her personal capacity. Kwon's arrival is expected to accelerate Mine42's business expansion by combining its real-estate development capabilities with financial expertise and an LP network.

[email protected] Kang Gu-gwi Reporter