Lim Jong-ryong, Chairman of Woori Financial Group, said, “I ask all employees to reflect with a desperate mindset as if standing at the edge of a cliff and to strengthen internal controls and internalize ethical awareness with the belief of ‘Musinbullip (無信不立)’.”
According to the financial sector on the 14th, Chairman Lim attended the ‘2024 Second Half Group Management Strategy Workshop’ held at the Vision Hall of the headquarters in Jung-gu, Seoul, on the 12th, and referred to the financial accident at a branch last month as “painful.”
About 120 employees, including Chairman Lim, subsidiary CEOs, strategy executives, and outstanding group employees, attended the workshop that day. Notably, two executives from POS Securities, which will soon join Woori Financial Group, also attended, drawing attention.
At the meeting, participants evaluated the first half of 2024 as a period that laid the groundwork to narrow the gap with competing groups despite difficult conditions. They especially agreed that competitiveness as a comprehensive financial group was secured through achievements such as full privatization, entry into the securities business, strengthening corporate finance centered on new growth finance, and expansion into new businesses like MVNOs.
In particular, Chairman Lim likened the management strategy workshop to a ‘base camp for conquering the summit’ and urged that the second half of the year be turned into an opportunity for a great rebound based on the first half’s performance. The key strategic keywords for Woori Financial Group in the second half are summarized in three words: core, innovation, and trust.
First, Woori Financial Group plans to solidify the group’s foundational strength by focusing on core deposits and strengthen core competencies such as corporate finance, capital markets, and asset management to expand a stable customer and revenue base.
Additionally, in the early stages of the securities company’s launch, it plans to concentrate business capabilities on aggressively acquiring new customers and strive to achieve the goal of becoming a top 10 securities firm within 10 years.
They also declared that they will continue digital and IT innovation with the successful launch of the group’s integrated app NewWON by the end of November and the launch of the securities mobile trading system (MTS) early next year, while accelerating corporate culture innovation to steadily spread a culture of audit and praise.
Furthermore, Chairman Lim urged proactive preparation for difficult situations by organizing related policies and systems with the mindset that “risk is not something to be overcome but to be managed.”
Chairman Lim stated, “If all 14 subsidiaries put forth their full effort under the name of Woori Financial Group and ‘struggle’ together, we will regain trust from the market and customers and establish the status of a leading financial group. I will always run at the forefront and do my best together.”
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