Globalization and Expansion

New CEO Lee at Woori Bank determined to give a hard push to the bank's major objectives


(L)President Lee Soon-woo of Woori Bank. (R)President Lee Soon-woo waves the bank's flag during his inaugural on March 24 at the bank's auditorium as Woori Financial Group Chairman Lee Pal-seung claps.

President Lee Soon-woo of Woori Bank, a major affiliate of the Woori Financial Group, said he will do all he can to advance the privatization and globalization of the group as its new CEO during his inaugural ceremony held on March 24.
In what he termed "glocalization,"an amalgamation of the words globalization and localization, the key word for his plan to run Woori Bank, he said that although the bank has locally set up 53 wholly-owned subsidiaries and branches in 15 foreign countries, they still have not been able to expand the operation to the indigenous markets and have been confined to dealing with overseas Korean firms and the local Korean communities. Thus, he said, he will see to it that the bank's overseas operations expand and take over local financial institutions through mergers and acquisitions. He was a senior vice president before his promotion to the top position at the bank recently.
The President Selection Committee of Woori Financial Group met on March 22 and announced the promotion of the new president, making Lee the second president to come up through the rank and file of the bank following his predecessor Lee Chong-whi.
Lee graduated from Sungkyunkwan University in 1977 and joined the Commerce Bank soon after his graduation. He was promoted to a senior vice president of Woori Bank in 2008.
Woori Bank, after a series of mergers with other local banks, has grown rapidly with its total assets now totaling 240 trillion won and 15,000 employees on its payroll.
"As the eldest brother of the group, Woori Bank will be at the forefront of the privatization of the group as soon as possible,"the new CEO said following his official appointment at the bank's shareholders's meeting on March 24.
One of the tough tasks Lee will face will be the uplifting of the spirit of the bank's employees, which has fallen due to the government's strong intention to turn over the ownership of the bank to private investors.
The new president is considered to have all the qualities to run the bank with extensive management experience gained during his career, especially in the past 10 years as an executive. He has the knack to get along with just about anyone through his friendly demeanor and can get everyone at the bank to agree on something with his unique leadership, especially from those who worked for the Commerce Bank before its merger with Woori.
Lee is also known as a marketing expert and is considered the best man to lead the bank in the tough competition among banks at home.
What draws the most interest in the banking community is how the new president will get along with Chairman Lee Pal-seung, as the two top leaders should have a close rapport for the sound operation of Woori Financial Group as a whole.
Both the chairman and president have been calling for unity among the affiliates of the group and the various levels of officials and staff throughout its operations.
Chairman Lee said the Woori Bank CEO shares the same view as him in managing the bank. CEO Lee said he will assist the chairman in key issues facing the group and the bank, especially in the globalization of operations.
Chairman Lee and CEO Lee both would be careful in taking care of the candidates who lost to Lee in the selection process because all of them are from inside the bank. They may name them to other positions of leadership, such as heading Woori Card or the vice presidency of Woori Securities and Investment, both of which are vacant. Chairman Lee, on the other hand, may consider keeping them at key positions at Woori Bank for fear of instability at the bank if they were moved to positions at other affiliates.
Since its establishment in 1899 with indigenous capital, Woori Bank has been the main pillar of Korea's modernization and industrialization during the rapid growth of the nation's economy, and today it has become the bank representing the Korean financial industry.
"In 2011, Woori Bank and its 15,000 employees will gather all of their capabilities to stand high in the Korean banking industry, with differentiated products and services unique to its creative operations,"CEO Lee said in his statement. nw

Photos on courtesy of Woori Bank.