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Woori Bank Joins Metaverse Alliance

Woori Bank Joins Metaverse Alliance

SEOUL, Aug. 6 (Korea Bizwire) — Woori Bank, a major lender in South Korea, announced on Thursday that it had joined the metaverse alliance and would roll out metaverse-based future financing products and services. The metaverse refers to a shared virtual space, in which users interact with each other through digital avatars and experience a [...]

Woori Bank to Develop ‘AI Banker’ that Can Offer Banking Services Recommendations

Woori Bank to Develop ‘AI Banker’ that Can Offer Banking Services Recommendations

SEOUL, April 19 (Korea Bizwire) — Major South Korean lender Woori Bank has launched a drive to develop an artificial intelligence (AI) banker. The bank said recently that it had signed a business agreement with LionRocket, a local tech startup specializing in deep learning-based image synthesis technologies, for development of the AI banker. The AI [...]

KEB Hana, KB Kookmin Banks Suspected of Illicit Hiring

KEB Hana, KB Kookmin Banks Suspected of Illicit Hiring

SEOUL, Feb. 5 (Korea Bizwire) – South Korea’s two major banks are suspected of creating lists to give undue hiring favors to the families and acquaintances of influential figures, sources said Sunday. The Financial Supervisory Service (FSS) has recently filed complaints with the prosecution against five banks, including KEB Hana Bank and KB Kookmin Bank, [...]

Bank Unions Demand a Say in Board Members

Bank Unions Demand a Say in Board Members

SEOUL, Jan. 23 (Korea Bizwire) — Unions in the South Korean banking sector are demanding a position on the board of directors to better represent themselves with management. According to sources close to the banking industry, an increasing number of financial institutions including KB Financial Group, Shinhan Bank and Woori Bank are addressing calls from labor [...]

Woori Bank’s Acting Chief Named to Lead Lender

Woori Bank’s Acting Chief Named to Lead Lender

SEOUL, Nov. 30 (Korea Bizwire) – The board of Woori Bank on Thursday named its acting chief Sohn Tae-seung the new head of South Korea’s No. 3 lender, officials said. Sohn, the lender’s executive vice president and head of the global business group, was designated to lead the bank for a three-year term at a meeting of board members. Sohn, 58, has [...]

Woori Bank Mulls ‘One-Strike’ Policy for Transparency

Woori Bank Mulls ‘One-Strike’ Policy for Transparency

SEOUL, Nov. 27 (Korea Bizwire) — Woori Bank, South Korea’s fourth-biggest lender by assets, said Sunday it is considering adopting a “one-strike” policy to prevent corruption. The bank came up with 100 things to be overhauled or improved after discussions with 100 representing employees on Tuesday and Wednesday, Woori Bank said in a statement. Among [...]

Korea’s Financial Services Industry Saw Robust Growth Last Year

Korea’s Financial Services Industry Saw Robust Growth Last Year

SEJONG, April 10 (Korea Bizwire) – Korea’s financial services industry recorded 9.2 percent in output growth last year largely driven by interest revenues from growing household loans, government data showed on Sunday. According to Statistics Korea, the year-on-year production growth of financial institutions in 2016 was more than triple the 3 percent reported for the overall services industry.  By institution, banks gained 9 percent, the highest since 11.8 percent in 2008. Nonbank [...]