President Lee Kwang-goo of Woori Bank.

Woori Bank reorganized its operational set up into three business groups; operation support, domestic; and global operations under a new management strategy to give more power and responsibility to heads of the groups, the bank said recently.

The bank also made the moves to strengthen its Fintech and overseas investment operations, upgrading them to “headquarters,” which was followed up with the personnel moves based on the reorganization of the operational set up.

The major personnel shake up involved the heads of the three business groups and 10 group headquarters, the replacing of the senior vice president position with three heads of domestic business, global business and operational support groups, respectively.

Vice President Lee Dong-kun, the current senior vice president, has been named to head the operational support group, while Vice President Nam Ki-myoung will head the domestic business group, and Vice President Sohn Tae-seung was named to head the global operation group. The HR headquarters and the Management Planning headquarters have been downgraded to “operational teams,” while the financial operation team and the IB operation team were upgraded to “headquarters,” the bank said.

The bank also created the Smart Financial Headquarters and the IB Headquarters to lead the Fintech area, such as the Wibee Bank, and the Internet exclusive bank eyes increased overseas investment and better-quality assets.

The bank had to make a large-scale personnel move involving 24 executives above director-level with 14 of them getting promotions, while the rest had to resign from the bank. Director Kim Jae-won was made vice president in charge of the Institutional Customer Headquarters; Director Kim Hong-hi, previously in charge of the Funding Market Business Team, was promoted to vice president in charge of the Real Estate Finance Headquarters, while Director Choi Jeong-hun in charge of the Foreign Exchange Business Team was transferred to take charge of the Risk Management Headquarters; director Kim Hong-koo, previously in charge of the IB Business Team, was promoted to vice president to take charge of the IB Business Headquarters; and Director Cho Jae-phyun, previously of the Smart Financial Business Team, was promoted to vice president to head the newly created Smart Financial Business Headquarters.

An official of the bank said the personnel moves were be based on performance results as per the orders of President Lee Kwang-goo.

Woori Bank was established as Daehan Cheonil Bank to protect our commercial supremacy in 1899. With the royal permission of Gojong, the Emperor, national capital was provided to the bank. 

As stated in the founding purpose, since the currency circulation is the key to success of industries, Woori Bank was to contribute to the development of the nation’s economy by providing support to corporations and SMEs. 

“Woori Bank will continue to provide more convenient and safe financial services to customers and play important roles as a backbone of Korean financial industry by providing power to citizens and businesses. A strong bank that gives strength to all of our customers is what Woori Bank is all about,” the bank said.

From left are Vice President Lee Dong-kun, Vice President Nam Ki-myoung and Vice President Sohn Tae-seung who were either named or promoted to head the three new reorganized groups in Woori Bank’s operational set up.(Photos:Woori Bank)