Sohn Tae-seung, chairman of Woori Financial Group, said in his New Year’s address on Jan. 3 that the company set the completion of a digital-based general financial group system as its management goal for 2022 in order to make 2022 a year of opportunities and a great leap forward.
Chairman Sohn presented six management strategies for 2022 in order to attain the goal to build the digital-based comprehensive financial group system.
His first goal is to expand the group’s profit and growth base.
“At the group level, we will drive the remarkable growth of existing non-banking subsidiaries while promoting more active non-banking portfolios this year based on complete privatization and approval for the Internal Rating Law,” he stressed.
The second key strategy is to promote digital innovation. “We will boldly innovate on our subsidiaries' current platform services,” Sohn said.
“But we will build a digital platform specializing in the MZ generation at the group level so that customers of all generations can think of our platform first in their daily lives.”
Emphasizing the importance of core growth engines, Chairman Sohn said, “The asset management sector should expand its customer base to rich people as well as super-rich, high-value asset owners to provide upgraded asset management services.
In addition, we will strengthen group affiliates’ collaboration businesses in the CIB sector. At the same time, our global business division should ramp up its profits by pushing forward with new businesses based on digital technology and systems.”
Moreover, Chairman Sohn emphasized the reinforcement of preemptive risk management. “COVID-19 has a huge impact on almost all risks that financial companies have to manage, including credit risks and market risks,” he said.
“Potential risks should be monitored and managed more precisely, and the spectrum of risk management should be further expanded.”
“We need to strongly spread our new corporate culture where we communicate and sympathizes with all groups ranging from CEOs to new employees and we need to approach customers with sincere PR and communication so that the brand Woori will pervade them,” he said.
“Over the past three years, Woori Financial Group has stably established its financial group system and incorporated five new companies into the group as group affiliates,” he said.
“In 2022, starting with the establishment of an NPL company, a more active portfolio expansion strategy will be promoted in order to significantly elevate the group’s profitability.”
In the meantime, Woori Financial Group announced on Jan. 12 that it held a ceremony in honor of its anniversary under the slogan “New Next, Next New” at its headquarters in Hoehyeon-dong, Jung-gu, Seoul.
Employees held the ceremony to celebrate the successful complete privatization of the financial group based on its history of overcoming tough tasks and declare the restoration of the first financial holding company’s 21-year-long history.
Considering social distancing regulations to combat the COVID-19 pandemic, the event was held with the attendance of only a few participants, including former group chairmen, outside directors, high ranking officials and representatives of MZ employees.
About 1,000 executives and employees watched the live broadcasts through Zoom and YouTube.
Chairman Sohn expressed his gratitude to customers and the Korean people in his speech.
“We need to revive the 21st anniversary of the establishment of the holding company and regain our historical pride, Korea’s first and best financial group,” the chairman said.
“Let’s achieve our dream of becoming a strong digital global leading financial group with creative innovation.”
“Let’s maximize the group’s profitability by raising the status of all affiliates to the top level in the financial industry while speeding up the expansion of various portfolios such as securities and insurance,” Chairman Sohn emphasized.
“We need to concentrate all our capabilities on digital transformation with a strong determination to make a fresh new start as a digital platform company,” Chairman Sohn said.
“We will make Woori Financial Group the most advanced financial group in the digital era of Korea whatever it takes.”
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