New CEO, new place in rankings

Life became a little tougher for senior executives at Woori Bank, Korea’s No. 2 bank, after Park Hae-choon took the helm last month, senior executives said.
Vice presidents of the bank have to be at work every Tuesday by 7 a.m. ― one hour earlier ― for a weekly meeting because Park has ordered them to spend more time in the field.
“Park wants us to walk into the meeting room with lots of ideas about how to find new ways to make money,” said one senior executive who declined to be named. “He asks questions about every detail of our operation and sales, so you really need to do your homework before going to the meeting.”
Park, a former chief executive of LG Card Co., Korea’s largest credit card issuer, assumed the top position at Woori Bank last month amid opposition from the bank’s labor union, which criticized Park’s lack of work experience in the banking industry.
Park helped previously debt-ridden LG Card to recover from a credit collapse in just three years.
Park, known for his fiery personality and outspoken manner, has been working hard to prove himself, focusing his efforts on the bank’s credit card operation.
Park has promoted more people with sales backgrounds to executive positions and dramatically increased the number of credit card salespeople and credit card sales branches.
The bank also introduced a new credit card called the “V Card,” which has both debit card and credit card features, on Monday.
The new card can be used as a debit card until the balance in the user’s bank account is gone. Then the card becomes a credit card.
Park is also working to shake up the typical image of the desk-bound executive, visiting bank branches and corporate loan clients on weekdays.
In a sign that his efforts may be bearing fruit, Woori Bank last month reclaimed its position as the nation's second-largest bank by assets, elbowing out Shinhan Bank, which ranked second from January to March this year.
Woori Bank’s total assets were 103.6 trillion won ($112.3 billion) as of late April, up 0.8 percent from March.
Shinhan Bank’s total assets are now 102.4 trillion won.

By Sohn Hae-yong JoongAng Ilbo/ Jung Ha-won Staff Writer [hawon@joongang.co.kr]