Woori Bank vows to become a ‘customer-centric’ wealth management bank

On the 7th, Woori Bank held a press conference at its headquarters in Jung-gu, Seoul, to announce its commitment to restoring trust in the financial sector's asset management, which had been shaken by losses from Hong Kong H-Index equity-linked securities (ELS). The bank unveiled its "Six Promises for Asset Management for Customers."

The six promises are:

Customer-centric portfolio management
Star-quality asset management expert services
Expansion of the exclusive 'Two Chairs W' service for high-net-worth individuals
Comprehensive 3W customer care services
Expansion of consulting and seminars based on total financial solutions
Commitment to thorough sales with a "Warm heart, Cool head" approach

Woori Bank has resolved to prioritize a "customer-centric portfolio" over a product sales-centric approach in its asset management business. This decision is based on the lessons learned from past incomplete fund sales. The essence of financial services lies in building trust, and Woori Bank aims to become a trusted asset management bank through this iterative process.

Specifically, the bank plans to develop asset allocation strategy models that align with customers' investment preferences (conservative, neutral, aggressive) and risk ratings of products. Customized investment portfolios will be offered to each customer, combining deposits, bonds, funds, and derivative-linked securities.

To enhance its asset management capabilities, Woori Bank has assembled a "dream team" of experts, including Ham Young-jin, a real estate specialist and former head of Jikbang Big Data Lab, now leading Woori Bank's Real Estate Research Lab. This team will provide one-on-one personalized consulting to clients in areas such as investment strategy, wealth management, and tax planning.

Additionally, Woori Bank plans to promote its asset management expertise through public lectures, media contributions, TV appearances, and YouTube content targeting a broad audience.

The bank is also expanding its specialized asset management branch brand, Two Chairs W. Following the launch of Two Chairs W branches in Cheongdam and Daechi last July, Woori Bank opened its first non-metropolitan branch, Two Chairs W Busan, this January. By 2026, the bank plans to increase the number of Two Chairs W branches to 20, including key locations like Banpo and Gangbuk, enhancing both the quantity and quality of high-end services.

Woori Bank is committed to establishing a sales culture focused on complete sales. This involves treating customer assets with the same care as one’s family assets while making cool-headed judgments to achieve complete sales. Executives and department heads from the asset management group are visiting all 33 sales headquarters nationwide to communicate with front-line PB staff about the mindset required when dealing with customers.

To address incomplete sales, inadequate product explanations, and unrealistic return guarantees, Woori Bank will strictly enforce accountability, including revoking PB qualifications and adhering to a zero-tolerance policy in case of losses. A process to reconfirm customer intent to purchase high-risk products within three days of signing up has also been introduced.

Song Hyun-joo, Deputy President of the Asset Management Group, stated, "As reflected in our asset management business vision, customers must be able to trust the bank. We are determined to prove the simple truth that trust is the foundation of transactions and to advance as a specialized asset management bank."