How SME succession is reshaping banking in South Korea
Woori Bank’s Corporate Succession Support Center is a key pillar of its SME strategy in Korea, combining advisory and financing to turn succession into both a continuity challenge and a growth opportunity for SME banking.
South Korea’s ageing SME owner population is creating a growing business succession challenge — and a new opportunity for banks. With more than 70% of SME owners aged over 50 and hundreds of thousands of businesses facing uncertainty over their future leadership, succession is becoming an increasingly important issue for Korea’s SME banking sector.
Woori Bank is responding by moving beyond traditional lending to support SME owners with succession planning, advisory services, M&A expertise and financing. Its Corporate Succession Support Center brings together accounting, tax, M&A and corporate finance capabilities to help businesses navigate family succession, management buyouts, employee buyouts and third-party sales.
This article explores how SME succession is reshaping banking in South Korea, and how Woori Bank is turning a demographic and economic challenge into a new model of SME support.
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