Woori Bank bolsters private banking

24/03/2024 News

Woori Bank, South Korea's fourth-largest lender, is fortifying its private banking services to enhance its reputation as a trustworthy institution. According to the Korea Herald, the bank is implementing a strict "one-strike-out" policy to deter mis-selling among private bank specialists.

At a recent press conference, Woori Bank outlined its commitment to expanding its presence in asset management. This includes assembling a team of experts across various sectors and introducing an AI-based market prediction system called "Wise" for personalized client services.

The bank plans to increase its asset management centers to 20 within three years. Currently, its private banking division, known as "Two Chairs," operates six centers in affluent areas of Seoul, with expansion into Busan and beyond on the agenda.

To reinforce ethical practices, Woori Bank is initiating a "one-strike-out" penalty system, marking a first among local banks. Private bankers caught mis-selling or engaging in unethical practices will face immediate dismissal.

Approximately 640 private banking specialists are employed by the bank, with a focus on tightening regulations and implementing a more thorough self-inspection process for high-risk product sales.

Woori Bank's proactive stance comes amid concerns over alleged mis-selling of equity-linked securities in South Korea. By prioritizing customer-centric sales strategies, the bank aims to restore trust in the sector.

Chairman and CEO Lim Jong-Yong has emphasized Woori Bank's role in leading the recovery of public trust and transitioning into an asset management-focused institution.

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