Woori Bank Introduces Promotion Recommendation Committee... Also Establishes Dedicated SME Sales Team

Purpose of Introducing Transparent and Fair Personnel System
Pre-Check of Promotion Candidates
Strengthening Sales with Organizational Restructuring... Full-Scale Corporate Finance Launch

Woori Bank has newly introduced a ‘Promotion Recommendation Committee’ to prevent unfair personnel decisions. It will also establish a dedicated small and medium-sized enterprise (SME) sales organization as part of strengthening corporate banking.

According to the financial sector on the 6th, Woori Bank will begin its regular personnel appointments for the second half of the year with the announcement of branch manager-level promotions on the 7th. A total of 85 branch managers will be promoted this time. Since the 4th, Woori Bank has allowed over 1,200 deputy branch managers to directly check whether they are included among the 170 promotion candidates (twice the number of those to be promoted). Until now, promotion results were only known on the day of the personnel announcement, but by disclosing the candidate pool in advance, the bank aims to dispel concerns about ‘blind personnel decisions’ and increase transparency.

The Promotion Recommendation Committee, which evaluates the work performance of promotion candidates, has also been newly introduced. The committee, composed of members of the Personnel Council that decides major personnel matters at Woori Bank, evaluates the performance reviews of promotion candidates and makes the final decision on promotions.

The advance disclosure of promotion candidates and the introduction of the review committee reflect the personnel system improvement intentions of Lim Jong-ryong, Chairman of Woori Financial Group. In a letter to employees on the 30th of last month, Chairman Lim emphasized, “We will improve the personnel system,” and added, “Performance will be reasonably reflected in evaluations, and the evaluation results will be transparently disclosed to the individuals concerned.” The aim is to minimize unilateral decisions by the chairman or bank president and incorporate multifaceted evaluations into personnel decisions. A Woori Bank official explained, “This process was introduced to establish a transparent and fair personnel culture.”

To strengthen corporate banking, a dedicated sales organization will also be established. This involves creating a separate organization responsible for SME sales by grouping several branches. At his inauguration ceremony on the 3rd, newly appointed Bank President Cho Byung-kyu hinted at a sales-focused organizational restructuring and expressed a particular intention to strengthen support for SMEs. The organizational restructuring plan containing these details is also scheduled to be announced on the 7th.

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