Woori outlines plans to become Korea’s most profitable bank

Woori Bank CEO Cho Byung-kyu speaks during a presentation to some 1,200 employees in Kintex, Goyang in Gyeonggi, on Saturday. [WOORI FINANCIAL GROUP]

Woori Bank has pledged to surpass its current fourth position and achieve the highest net profit among all commercial banks this year.

Woori Bank CEO Cho Byung-kyu made the vow in a strategic management meeting with some 1,200 employees of the bank, including executives, held at Kintex in Goyang, Gyeonggi, on Saturday.

The meeting was held under the slogan, “Move First, Make Future.”

Cho proposed six management strategies to achieve the goal. They included raising the competitiveness of core businesses and the digital sector, securing future growth engines, pre-emptive risk management and strengthening social responsibility.

Woori Bank raised 2.29 trillion won ($1.7 billion) in net profit through the third quarter last year after KB Kookmin Bank (2.86 trillion won), Hana Bank (2.77 trillion won) and Shinhan Bank (2.6 trillion won).

Woori Bank reaffirmed its goal to become the number one global financial company in Asia and to become a bank that leads the future of the finance industry through joint growth with customers.

“We have to demonstrate definite outcomes based on the power of the sales we have prepared,” Cho said, encouraging employees to “create a surprising and thrilling year.”

Cho assumed the role of CEO at Woori Bank in July last year, after serving as the CEO of Woori Financial Capital. His current term is scheduled to conclude at the end of this year.

Cho has stressed the importance of taking on bold challenges and discovering business models that are not related to finance to diversify its source of profit in an inauguration ceremony held in July. He also emphasized the importance of creating a corporate culture that does not fear failure.

Woori Financial Group is scheduled to report its fourth-quarter earnings on Feb. 6.

BY JIN MIN-JI [jin.minji@joongang.co.kr]