The retirement association of former employees of the commercial banks, which were predecessors of Woori Bank, will merge into the 'Woori Bank Alumni Association' 26 years after the merger of the two banks.
Woori Bank announced on the 5th that after the 126th anniversary ceremony held on the 3rd at the main auditorium in Jung-gu, Seoul, it has signed a memorandum of understanding for the integration of the two alumni associations and aims to complete the organizational merger as soon as possible. Attendees included Yim Jong-ryong, chairman of Woori Financial Group, Jeong Jin-wan, president of Woori Bank, Kang Won, chairman of the Commercial Bank Alumni Association, and Yoo Joong-geun, chairman of the Hanil Bank Alumni Association.
The alumni association is a voluntary gathering of retired employees aimed at fostering camaraderie and mutual aid among members. The Commercial Bank and Hanil Alumni Associations, established in the 1970s, have operated separately despite the merger of the two banks in 1999. This resulted in former employees of Woori Bank joining different alumni associations based on their bank of origin after retirement.
Woori Financial Group has been working to achieve chemical integration among executives and employees since the establishment of the 'Corporate Culture Innovation Task Force' shortly after the appointment of Yim Jong-ryong as chairman in March 2023. However, both internally and externally, the factional culture of the Commercial and Hanil banks has been pointed out as an obstacle to the banks' development, making the integration of the alumni associations, regarded as symbols of factionalism, an urgent task. Additionally, as the retirement period of the merged generation that joined after the 1999 merger approaches, the need for the integration of the alumni associations has increased.
In response, Chairman Yim directly persuaded former bank presidents to accelerate the integration efforts. The veteran bank presidents also agreed that it is a crucial time for Woori Bank to regain customer trust and make a resurgence, stating they would actively participate in the renewal efforts of the younger generation while leading by example. Woori Financial plans to take all necessary measures for employee integration, such as revising ethical standards and completely eliminating distinctions based on the bank of origin from all personnel records, to promote understanding among employees and eradicate factional culture.