Woori Bank, Unifies Former Commercial and Hanil Dongwoo Associations After 26 Years... Ending Factional Culture

The alumni associations of the former Commercial Bank and Hanil Bank, predecessors of Woori Bank, will be unified into the ‘Woori Bank Alumni Association’ for the first time in 26 years since the merger.

According to the financial sector on the 6th, the Commercial Bank and Hanil Bank alumni associations signed a memorandum of understanding (MOU) to promote integration shortly after the 126th anniversary ceremony held on the 3rd at the main auditorium of Woori Bank’s headquarters in Jung-gu, Seoul. Attendees included Lim Jong-ryong, Chairman of Woori Financial Group; Jeong Jin-wan, President of Woori Bank; Kangwon, Chairman of the Commercial Bank Alumni Association; and Yoo Jung-geun, Chairman of the Hanil Bank Alumni Association.

On the 3rd, at the Woori Bank headquarters, (from left) Lim Jong-ryong, Chairman of Woori Financial Group, Kangwon Commercial Bank Alumni Association President Dong-woo, Yoo Joong-geun, Hanil Bank Alumni Association President, and Jung Jin-wan, CEO of Woori Bank, signed a Memorandum of Understanding (MOU) to promote the integration of the two alumni associations and took a commemorative photo. Photo by Woori Financial Group

The alumni associations are voluntary groups of retired employees aimed at fostering camaraderie and mutual support among members. Although the Commercial and Hanil alumni associations were established in the 1970s, they have operated separately despite the banks’ merger in 1999. Retired employees who worked together at Woori Bank have continued to join different alumni associations based on their original banks.

After Lim Jong-ryong took office as chairman of Woori Financial Group in March 2023, the group established a ‘Corporate Culture Innovation Task Force (TF)’ to promote chemical integration among employees. However, factional cultures from the Commercial and Hanil banks have been pointed out internally and externally as obstacles to the bank’s development, making the integration of the alumni associations?seen as symbols of these factions?an urgent task. Additionally, as the retirement of the integrated generation who joined after the 1999 merger approaches, the need for alumni association integration has grown stronger.

According to Woori Financial Group, Chairman Lim personally persuaded former bank presidents to accelerate the integration process. The senior bank presidents agreed to actively participate in the renewal efforts of their juniors, recognizing that this is a crucial time for Woori Bank to regain customer trust and make a fresh leap forward, and pledged to lead by example as retired seniors.

Meanwhile, Woori Financial Group announced plans to take all necessary measures to promote harmony among employees, including revising ethical codes and completely removing distinctions of original banks from all personnel records, as part of a company-wide effort to eliminate factional culture.