Yim Jong-ryong, chairman of Woori Financial Group, emphasized restoring bank profitability and strengthening competitiveness in the nonbank institutional sector as core tasks for the second half.
Woori Financial Group said on the 19th that it held a "second-half management strategy workshop" on the 16th at its headquarters in Jung District, Seoul, with Chairman Yim and the heads of 16 affiliates including the bank, securities, and insurance, as well as holding company executives, in attendance.
At the workshop, the group reviewed first-half results and set the strategic direction for the second half. For the bank, Chairman Yim said it must strengthen key business drivers such as core deposits, corporations finance, and wealth management, and secure a stable revenue base by building expense competitiveness. For the nonbank institutional sector, the plan is to enhance each subsidiary's core business competitiveness and strengthen its market position to improve the bank-centered revenue structure.
Chairman Yim also called for preemptive action on soundness management in preparation for interest rate increases in the second half. He said delinquency rates and assets at risk of default should be reviewed at a special management level. He added that the group plans to broaden its customer base and strengthen new growth drivers such as consumer protection and productive finance and inclusive finance.
He said, "Productive finance is both an opportunity to showcase Woori Financial Group's corporations finance capabilities and a new pillar of group growth," adding, "Inclusive finance must be continuously strengthened, grounded in sincerity, as finance that coexists with the market and saves people."