President Kwon Kwang-seok of Woori Bank.

Woori Bank has inaugurated a department under the direct control of the CEO, designed to facilitate communications between Woori Bank headquarters and banking outlets.

The step is part of a reshuffle and reorganization, conducted by Kwon Kwang-seok for the first time since he took office as the CEO on March 24.

The inauguration of the Future Banking Department may be construed as a reflection of his determination to frequently examine and cope with practices and grievances within the bank’s practices, and complaints they received in the wake of the improper selling of derivative-linked funds.

President Kwon is to be briefed about the operation of the Future Banking Department. The newly inaugurated department will be charged with new responsibilities, while taking over part of the functions performed by the existing Project Innovation Department, a Woori Bank official said.

The Future Banking Department consists of the “Sympathy Trust Team” and the “Innovation Push Team.”

The Sympathy Trust Team is responsible for looking at the grievances and complaints each branch across the nation experiences through frequent communications. The team is to operate a communication facilitation program to ramp up staff’s capabilities.

The Innovation Push Team is charged with exploring innovation projects suiting retail banking outlet channels. The team is responsible for exploring business models like a private investment banking (PIB), a combination of private banking and investment banking, designed to provide diverse services targeting high-net-worth individuals with higher levels of income or sizable assets, particularly top corporate managers and executives.

Woori Bank’s appointment of CEO Kwon, who had been with the MG Korean Federation of Community Credit Cooperatives, and is in his 50s, rather than any executive of the bank, may be interpreted as a generation change.

New President Kwon is evaluated to have the right stuff to serve as a “relief pitcher” to save the bank from the controversial derivatives-linked funds situation.

Woori Bank President Kwon tours the bank’s South Gate branch in Seoul and listens to voices of merchants grappling to cope with hardships, caused by the spread of COVID-19. (Photo: Woori Bank)

President Kwon started his financial career as a freshmen employee with the now-defunct Commercial Bank in 1988. He is evaluated to be a seasoned financial expert with investment banking and global business expansion as he maintaines a wide network with experts in Korea and abroad.

He accumulated experiences in investment banking and investor relations. Kwon served as the chief of staff of former Chairman Park Byung-won of Woori Financial Group, and held positions such as the chief of Woori Bank’s Overseas Cooperation Office, the chief of the IB Group and president of Woori Private Equity.

Kwon is noted for maintaining wider outside liaison networks as he served as public relations chief for the financial group and Woori Bank and the chief of the Washington Business Office of Woori America Bank. Kwon, born in Ulsan in 1963, is the youngest among the three candidates.

Kwon is evaluated to be armed with diverse work experiences and leadership based on rational decision-making, would manage the bank well business sources said.

He was a graduate of Hakseong High School in Ulsan and a graduate from Konkuk University Industry Engineering Department.

Kwon, the first Woori Bank president in one year since the creation of the holding company regime, also have a task of how to cooperate with Woori Financial Group Chairman Sohn Tae-seung in the course of executing duties.