Woori Financial Eliminates Executive Director and Senior Executive Director Positions, Merges Corporate and IB Groups

Announcement of Organizational Restructuring... Emphasis on 'Pinset-type' and Focus on Organizational Stabilization

Woori Financial Group is focusing on mergers and acquisitions by relocating the holding company's 'Business Portfolio Department' from the existing Future Business Promotion Division to the Strategy Division. Additionally, some executive positions have been eliminated, and the holding company unified the titles to Vice President, while Woori Bank unified them to Deputy General Manager.

On the 8th, Woori Financial Group announced organizational restructuring and executive appointments with these details, stating, "We focused on pinpoint restructuring rather than large-scale reorganization," and added, "This will enhance the speed of business promotion, discover new business opportunities, and maximize customer service capabilities."

Woori Financial Holding moved the 'Synergy Business Department,' which was in the existing Strategy Division, to the Growth Support Division, which was reorganized from the Future Business Promotion Division. The 'Future Innovation Department,' reorganized from parts of the existing Future Finance Department and Digital Innovation Department, was relocated to the Digital Innovation Division within the Digital and IT sector.

The Corporate Culture Innovation Task Force (TF) was expanded and reorganized into the Corporate Culture Leadership Center to take charge of the group’s executive candidate development program. The Board Secretariat, which belonged to the Strategy Division, was separated into an organization directly under the Board of Directors.

Only one executive was replaced to emphasize organizational stability. The executive position system, including Vice President, Senior Executive Director, and Executive Director, was unified under the title of Vice President.

[Image source=Woori Financial Group]

In the case of Woori Bank, the Domestic Business Division was reorganized into the Personal Group, Asset Management Group, Institutional Group, and Real Estate Finance Group, while the Corporate Investment Finance Division was reorganized into the CIB Group, Small and Medium Business Group, and Global Group.

Among these, the CIB Group is an integrated organization combining the Corporate Group and IB Group. Woori Financial explained that this reorganization aims to increase focus on investment finance and overseas investment tasks alongside existing corporate finance.

A new New Business Partnership Promotion Department was established. Dedicated organizations for customized financial support for mid-sized companies and for future customers aged 8 to 20 were also newly created.

[Image source=Woori Financial Group]

Woori Bank also decided to operate a platform organization where planning staff and information technology (IT) specialists work together. A control tower will be newly established in preparation for IT governance restructuring.

The existing titles of Deputy General Manager and Assistant Deputy General Manager were unified under Deputy General Manager.

A Woori Bank official said, "Through this organizational restructuring, we will meet the diverse financial needs of corporate customers and provide optimized financial services according to each stage of corporate growth."

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