Banks are offering a broad range of services via their apps as they face brutal competition from tech companies rapidly expanding into digital finance.
Woori Financial Group Chairman and CEO Son Tae-seung has been sanctioned by the Financial Supervisory Service (FSS) and could be barred from another term as an executive or as a board member of the company.
Banks are offering help to small businesses in the aftermath of the coronavirus pandemic by sharing big data and promising assistance for online operations.
Woori Bank launched a mobile service to aid in the exchange and storage of foreign currency on Wednesday.
The average annual salary of employees at local commercial banks closed in on 100 million won ($88,000) last year, rising by over 8 percent compared to 2017.
Woori Bank said Monday it accepted the decision by a Financial Supervisory Service (FSS) committee that ordered it to pay restitutions for up to 78 percent of some investments made in Lime Asset Management funds.
Kwon Kwang-seok, CEO of Woori Bank, will likely extend his term as Woori banks CEO, as the nomination committee announced Thursday that it has selected Kwon as the final candidate for the position.
Woori Bank said Tuesday that it has let go of all employees that were hired unfairly.
Naver Financial joined forces with Woori Bank to offer a loan service to small businesses that sell products online.
Woori Bank and the Industrial Bank of Korea (IBK) have been ordered to make restitution for up to 78 percent of some investments made in Lime Asset Management funds.