Operated Separately Even After 1999 Merger
Integration Talks Began in Early 2024, Now Yield Results
Chairman Lim Jongryong Stresses, "Internal Integration Is the Foundation of Competitiveness"
At the "Inaugural Ceremony of the Integrated Woori Bank Alumni Association" held at the Woori Alumni Association office, current and former executives and employees of Woori Bank are taking a commemorative photo. Woori Bank
Woori Bank announced on November 3 that the alumni associations of former Commercial Bank and Hanil Bank retirees have completed their integration into the "Woori Bank Alumni Association," 26 years and 10 months after the merger.
On this day, Woori Financial Group held the "Inaugural Ceremony of the Integrated Woori Bank Alumni Association" at the newly renovated alumni office in Hyoja-dong, Jongno-gu, Seoul. The event was attended by Woori Financial Group Chairman Lim Jongryong, Woori Bank President Chung Jinwan, and Kang Won and Yoo Junggeun, who serve as co-representatives of the integrated alumni association, along with other officials, to celebrate the historic unification.
The alumni association is a voluntary group aimed at promoting friendship and mutual assistance among retired employees. Originally established separately at Commercial Bank and Hanil Bank in the 1970s, the associations continued to operate independently for 26 years even after the two banks merged in 1999. As a result, employees who worked together during their careers belonged to different alumni groups after retirement, depending on which bank they originally joined.
However, as the so-called "integrated generation," who joined after the merger, began to retire, consensus grew around the need to unify the alumni associations, leading to this integration.
The two alumni associations signed a memorandum of understanding (MOU) to pursue integration in early January this year. Over the following 10 months, they smoothly completed the dissolution of the existing organizations and the establishment of the integrated alumni association, thus realizing the true "Woori Bank Alumni Association."
This integration is also in line with Woori Financial Group's ongoing efforts to eliminate factional culture and innovate its organizational culture. The group has worked to foster a healthy corporate culture through company-wide awareness campaigns.
In June, the group distributed "Guidelines for Prohibiting the Formation of Private Organizations" to all affiliates and explicitly included a clause in its code of ethics banning the exercise of undue influence through such organizations, intensifying efforts to eradicate factionalism.
In April, the group not only removed the "original bank" field from personnel records but also deleted information that could cause bias, such as academic background, military service, and place of origin. Only work-related items such as work experience, certifications, and awards were retained, in an effort to promote integration among employees and establish a personnel culture where individuals are recognized fairly based on performance and ability.
Chairman Lim stated, "This alumni association integration is a crucial link in completing the chemical integration necessary for Woori Financial Group to re-emerge as a comprehensive financial group with a portfolio that includes banking, securities, and insurance."
He added, "By fundamentally eliminating factional conflicts based on original banks, we will strengthen our internal integration capabilities. This will provide a foundation for further enhancing the group's competitiveness, especially in line with our strategy to expand non-banking sectors."
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