Kwon Kwang-seok Inaugurated as New Woori Bank President: "Rapid Support for Small Businesses Affected by COVID-19"

Kwon Kwang-seok, New President of Woori Bank

[Asia Economy Reporter Kim Hyo-jin] Kwon Kwang-seok, the new president of Woori Bank (the 52nd), took office on the 24th.

Woori Bank announced that it officially appointed President Kwon at a shareholders' meeting held at its headquarters in Jung-gu, Seoul, on the same day. Considering the impact of the spread of the novel coronavirus infection (COVID-19), President Kwon started work immediately without a separate inauguration ceremony.

President Kwon stated, "Woori Bank has faced a crisis due to the overseas interest rate-linked derivative-linked fund (DLF) incident and the spread of COVID-19," adding, "I will stabilize the organization as soon as possible and thoroughly prepare for future changes and risks."

As his first task on the day, President Kwon checked the status of customer support related to COVID-19. He instructed, "Quickly prepare support measures so that small business customers who have been immediately affected in their livelihoods can alleviate their difficulties even a little."

President Kwon presented three management policies: ▲restoring customer trust ▲organizational stability ▲innovation in sales culture. He pledged, "I will lead by example to establish a sales culture centered on customers and proper sales that adhere to basics and principles, and communicate with a humble attitude and an open mind so that employees can regain their self-esteem through organizational stability."

Regarding the restoration of customer trust, President Kwon emphasized, "Along with a sober reflection on the recent series of incidents, we will thoroughly review and improve all the bank's systems and institutions from a zero base and promote fundamental innovation that always prioritizes customers in any case."

He quoted his motto, 'Jajungjaae (自重自愛)' meaning 'self-respect and self-love,' saying, "Although it is a difficult situation, let us cherish and trust our colleagues and the bank ourselves, and sincerely care for and love our customers," expressing his determination to "do his best with a self-sacrificing attitude for the development of the bank."

Born in 1963, President Kwon graduated from Ulsan Hakseong High School and Konkuk University and earned a master's degree from Yonsei University Graduate School. He joined Woori Bank in 1988 and served as Executive Vice President of the Corporate Banking (IB) Group and External Cooperation Division, CEO of Woori PE, and Credit Guarantee Representative of the National Credit Union Federation of Korea.

President Kwon is recognized as the right person to lead the bank's Corporate Investment Banking (CIB) and global strategy based on his extensive IB experience and overseas investor relations (IR) experience. Last month, the Woori Financial Group Executive Candidate Recommendation Committee recommended President Kwon, stating, "He is expected to produce outstanding results based on smooth communication and synergy creation between the holding company and the bank, organizational stabilization of the bank, and customer-centered sales."

Meanwhile, with President Kwon's inauguration, the dual role system of Chairman-President of Woori Bank held by Sohn Tae-seung, Chairman of Woori Financial Group, has ended. Chairman Sohn plans to focus on the complete privatization of Woori Financial, diversification of business through large mergers and acquisitions (M&A) of securities or insurance companies, and other initiatives.

This content was produced with the assistance of AI translation services.