Woori Bank Establishes Dedicated Business Succession Team to Foster Centennial Companies

Establishment of the First Dedicated Business Succession Team in the Banking Sector
Supporting Business Succession Following the Expansion of Productive Finance
Specialized Services for Succession, Equity Transfer, and Asset Management

Woori Bank announced on November 4 that it has established the banking sector's first "dedicated business succession team" to support the stable succession of small and medium-sized enterprises (SMEs) and mid-sized companies.

In South Korea, there are only about 17 companies, including Woori Bank, that have a history spanning more than 100 years. In particular, SMEs and mid-sized companies face challenges in ensuring business continuity and generational succession due to burdensome taxes, difficulties in nurturing successors, and the complexity of related regulations.

To assist SMEs and mid-sized companies with business succession, Woori Bank has established a new "dedicated business succession team" under the ACT division of the Corporate Planning Group for swift project execution. Various groups within the bank, including Corporate, Wealth Management (WM), and Investment Banking (IB), will collaborate organically.

Woori Bank plans to develop a systematic, mid- to long-term consulting model and build a region-specific support system to provide comprehensive business succession assistance that takes into account both the domestic financial environment and institutional conditions. The bank also intends to support target companies through productive financing.

As a leading institution in corporate finance, Woori Bank has established business channels and professional relationship managers (RMs) to support SMEs and mid-sized companies. Through the newly established "dedicated business succession team," the bank will address sensitive issues that arise during the succession process, such as business succession, equity transfer, and asset management, as well as provide specialized financial services including asset management, funding support, and M&A brokerage by leveraging its Corporate, WM, and IB divisions and professional staff.

Clients in need of support or consultation for business succession can apply through Woori Bank's corporate finance channels, such as the BIZ Prime Center, or at the bank's corporate or Two Chairs branches.

A Woori Bank official stated, "We have designated this year as the inaugural year for business succession financial services and have established the first dedicated team in the banking sector to ensure sustainable business management and job retention. We will support business succession so that more centennial companies can emerge in Korea and will further support SMEs and mid-sized companies by expanding productive finance."

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