[Asia Economy Reporter Song Seung-seop] The Korea Federation of Savings Banks announced on the 12th that it has carried out an organizational restructuring to respond to changes in the financial environment and to support efficient operations.

As a result of the restructuring, the system changed from 4 headquarters, 16 departments, and 3 offices to 6 headquarters, 17 departments, and 5 offices. The Management Strategy Headquarters, responsible for new business and talent development, and the Digital Innovation Headquarters, in charge of strengthening digital competitiveness, were newly established. The Savings Bank Research Office, supporting mid- to long-term management strategies for member companies, the Risk Management Office, responsible for strengthening internal controls within the federation, and the Self-Regulation Department, performing new delegated tasks from financial authorities, were also newly created.

Oh Hwa-kyung, President of the Korea Federation of Savings Banks, stated, “Through the first organizational restructuring since my inauguration, we plan to continuously support upgrades of IT and digital services to enable flexible and swift responses to the rapidly changing financial environment and to strengthen the competitiveness of savings banks.”

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