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Woori Bank to turn decades-old Euljiro branch into high-rise financial center
Headquarters of Woori Bank in Seoul / Korea Times file
By Lee Kyung-min
Woori Bank's Euljiro branch, one of the oldest in the bank's over seven-decade history, will undergo a major renovation through 2030 to transform into a 19-story financial center for its holding firm Woori Financial Group, the lender said Wednesday.
The head offices of the group's card and investment subsidiaries will be relocated to the current five-story building in Seoul's commercially busiest district. Also to be established are wealth management branches for high-net-worth clients based in northern Seoul.
The plan followed the instruction of Woori Bank CEO Cho Byung-kyu to identify areas of growth in the non-financial sectors of the lender.
The renovation is the first step to bolstering the bank's initiative of "mutual growth with customers" using real estate assets, as envisioned by Cho, who plans to open the lower floors to the public.
"We plan to submit the renovation plan before the year's end, followed by briefings with officials of the Jung District Office and Seoul Metropolitan Government before the final announcement of the plan. We expect the work to be completed by 2030," a Woori Bank official said.
The decision coincides with an industry-wide move to fortify social contribution programs.
A renovation is ongoing at the Gayang branch of KB Kookmin Bank in western Seoul.
The previously two-story building will turn into a 16-story one housing the retail branch on the ground floor. The remaining floors will be offered as accommodation for the bank's employees.