[New Year's Message] Sohn Tae-seung, Chairman of Woori Financial Group, "Revolutionary Transformation Based on Innovation and Efficiency"

Presentation of 6 Major Management Strategies Including Expansion of Group Growth Base
"Leap Forward with Strengthened Resilience Capabilities"

Son Tae-seung, Chairman of Woori Financial Group

[Asia Economy Reporter Kim Hyo-jin] Sohn Tae-seung, Chairman of Woori Financial Group, presented strengthening the group's competitiveness based on innovation and efficiency as this year's management goal on the 4th, expressing his ambition to "create a new turning point for the group to undergo a revolutionary transformation."

In his New Year's address announced that day, Chairman Sohn stated, "Financial groups are at a turning point in an era of infinite competition and survival concerns amid the Big Blur era, where it is unclear who the competitors are."

Chairman Sohn cited expanding the group's growth foundation as the first core strategy. He said, "The fact that there are many business portfolios to fill compared to competing groups means that our growth potential is large," adding, "We will continuously strengthen the momentum for growth by exploring portfolio expansion in various ways for the non-bank sectors that are still vacant within the group."

He also emphasized, "Now, digital platforms are the primary customer touchpoints for financial companies," and encouraged, "We must innovate the platform through enterprise-wide digital transformation utilizing innovative technologies such as AI and big data and become the 'Digital Number One' financial group."

He continued, "In times of severe uncertainty in the management environment like these days, maximizing cost efficiency is a priority even though earning well is important," pointing out, "Woori Financial's Cost-to-Income Ratio (CIR) is excessively high compared to advanced financial companies and other domestic financial groups."

Accordingly, Chairman Sohn urged the holding company and group affiliates to thoroughly analyze and optimize human and material resources, emphasizing, "As we enter the third year of the group system, we must enhance the synergy of the group's key businesses to improve management efficiency."

He also presented strengthening brand and ESG (Environmental, Social, and Governance) management as one of the major strategies for the new year.

Chairman Sohn urged, "Let's make this year one in which we imprint the image of the newly transformed group under the new group vision of 'A financial group creating tomorrow's value through today's innovation' on customers and the market."

He added, "ESG management is now the trend of the times," and urged, "In line with the government's 2050 carbon neutrality and Korean New Deal policies, let's lead the creation of social and environmental value in finance and become a financial group that builds a sustainable society."

"Consumer Protection and Internal Control Are Essential" "Expand Global Localization Sales"

Chairman Sohn also said, "Due to problems arising from private equity funds last year, the financial sector, centered on banks and securities firms, caused great concern to many customers," adding, "Consumer protection and internal control must now be recognized as essential prerequisites for business, and all group companies must have a perfect internal control system."

He continued, "In overseas markets, it is necessary to expand localized sales based on digital platforms to extend channels while increasing profitability through innovative strategies," and said, "2021 will be an important turning point to become a leading financial company in major Southeast Asian countries such as Vietnam."

He emphasized that the term 'Resilience,' which was used in the past in physics or ecology to mean 'recovery elasticity,' has recently become an essential capability required of companies, stating, "Just as a spring compressed by external shocks bounces back stronger with vigorous energy, only innovative companies that swiftly grasp rapidly changing external trends, filter risks, and discover new opportunities can make greater leaps forward."

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