By Kim Bo-eun
Woori Financial Group would cooperate in processes to compensate customers who suffered major losses from derivatives-linked funds (DLF) sold by the bank, group Chairman Sohn Tae-seung said Monday.
"We will fully cooperate in the dispute settlement process," Sohn said in a statement released after the chairman's meeting with the bank's heads of sales.
Woori said it would restructure the bank's asset management system for customers, as well as evaluation systems for sales staff and sales processes, to better protect customers.
It said the bank would set up a "customer care" division that would monitor the products customers have invested in, and notify them when the funds are set to see a significant loss.
The bank also plans to run programs for investors so that they have a better understanding of the various products that are sold.
Woori, along with KEB Hana Bank, is suspected to have engaged in mis-selling of the DLF products.
Options tied to yields on 10-year treasury bonds of Germany sold by Woori saw a 60 percent loss on Sept. 19, the first date of maturities for investors of DLF products. Sixty-four investors lost a total 7.87 billion won.
The banks have been inspected by the Financial Supervisory Service, and face dispute settlement processes filed by customers through the agency.
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| Woori Financial Group Chairman Sohn Tae-seung |
"We will fully cooperate in the dispute settlement process," Sohn said in a statement released after the chairman's meeting with the bank's heads of sales.
Woori said it would restructure the bank's asset management system for customers, as well as evaluation systems for sales staff and sales processes, to better protect customers.
It said the bank would set up a "customer care" division that would monitor the products customers have invested in, and notify them when the funds are set to see a significant loss.
The bank also plans to run programs for investors so that they have a better understanding of the various products that are sold.
Woori, along with KEB Hana Bank, is suspected to have engaged in mis-selling of the DLF products.
Options tied to yields on 10-year treasury bonds of Germany sold by Woori saw a 60 percent loss on Sept. 19, the first date of maturities for investors of DLF products. Sixty-four investors lost a total 7.87 billion won.
The banks have been inspected by the Financial Supervisory Service, and face dispute settlement processes filed by customers through the agency.





































