Woori Bank held a default option seminar with corporate customers to help companies that introduced retirement pensions understand a new system and support their related work following the implementation of default options of the defined contribution (DC) retirement pension system on Oct. 14.
This seminar was held at the Grand InterContinental Seoul Parnas Hotel in Gangnam-gu, Seoul with 80 people in charge of retirement pensions from companies introducing Woori Bank’s defined contribution (DC) retirement pension system.
Woori Bank helped them understand default option products by presenting case studies, and gave explanations about them.
Default option products will hit the market on Dec. 12. The explanations will cover revisions of regulations on default option products and their applications and financial products that can be designated in advance.
The revisions were made by an amendment to the Employee Retirement Benefit Security Act.
In addition, Woori Bank offered a time to introduce foreign cases of default options, asset allocation investment solutions and management know-how using TDF funds for stable pension asset management by asset management specialists from Kiwoom Asset Management and Korea Investment Trust Management.
“From a long-term perspective, stable profit generation and customer management are very important in the pension market,” a Woori Bank official said.
“With the implementation of default options as momentum, Woori Bank will further strengthen its asset management capabilities.”
Meanwhile, Woori Bank has grown by more than 10 percent in the retirement pension industry on average every year since 2018, showing steep growth by achieving about 26 trillion won in cumulative retirement pensions in 2022.
It came in first in the profitability (ROA and ROE) category among the four major Korean commercial banks in the Financial League Table in the first half of 2021.
Woori Art Contest Award Ceremony
Woori Bank announced on Nov. 13 that it held the 25th Woori Art Contest Award Ceremony at the main branch of Woori Financial Group in Hoehyeon-dong, Jung-gu, Seoul on Nov. 11.
The ceremony was attended by Lee Won-duk, CEO of Woori Bank, 22 winners of silver or higher prizes and their families.
On Oct. 15 around 500 participants and their families who had passed an online preliminary round gathered at the War Memorial of Korea in Yongsan, Seoul for the final competition.
The winning works were selected through a fair screening by a jury composed of professors from major art colleges.
Sixty-two works that won the bronze or higher medals will be displayed at the Woori Gallery in the Banking History Museum of Woori Financial Group Headquarters until Nov. 30.
They will show on the official Woori Art Contest website.
“As the Woori Art Contest has returned to the offline world after a long time, there were many works that expressed unique and fun ways for escaping from the COVID-19 pandemic and returning to everyday life in the contest,” CEO Lee said.
“We will serve as a solid foundation for talented young artists to grow by steadily holding this art contest.”
Woori Bank has released “Daily Walking Installment Savings Product,” offering a maximum annual interest rate of 11 percent to persons who walk more than 10,000 steps daily. (Photos: Woori Bank)
Woori WON Banking Gift Service
Woori Bank announced on Nov. 2 that it improved its coupon box service to let customers conveniently manage the use and exchanges of mobile coupons in the Woori WON Banking Gift Service.
Previously, only mobile coupons received as prizes through Woori Bank events could be checked and used on Woori WON Banking.
However, this service improvement enables customers to conveniently check and use coupons purchased and given by individuals in addition to mobile coupons received as prizes at Woori WON Banking.
In the Woori WON Banking Gift Service, customers can purchase coupons, give them as gifts, and extend their validity periods in Mobile Coupon Mall and check the details of Woori Bank event gift coupons and coupons received through the Woori WON Banking Gift Service in Coupon Box.
In addition, they can easily manage coupons received as gifts before signing up for Woori WON Banking by checking already received coupons in the inbox.
