Euoo Sung Min has been appointed vice chairman and CFO of Woori Finance Holdings, a finance holding company to be established from April this year for five troubled domestic banks including Hanvit, Peacebank, Kyungnam, Kwangju and Hanaro Merchant Bank.

Min leaves his position at Salomon Smith Barney, where he has been president and CEO in Seoul and a managing director of the company since 1996.

His new position is effective immediately, but he will continue to assist Salomon Smith Barney with transition arrangements.

Commenting on the appointment, William Mills, managing director and CEO of Salomon Smith Barney Asia Pacific says: "Although we are disappointed to lose a senior executive of E.S.'s talent and experience, his selection by the government for this important post is an honour.

"We are committed to supporting the Korean government in its efforts to restructure its economy and move forward, as well as to the Woori Finance Holdings and its business plans to revitalize its assets," Mills adds.

Min's previous positions include chief representative officer and branch manager of Morgan Stanley & Co. in Seoul, deputy chief representative at Jardine Fleming Securities and earlier at Lehman Brothers.