Cho Byung-kyu assumes leadership at Woori Bank

New CEO of Woori Bank Cho Byung-kyu speaks during his inauguration ceremony at the bank's headquarters in downtown Seoul, Monday. Courtesy of Woori Bank

By Lee Yeon-woo

Cho Byung-kyu, a former CEO of Woori Financial Capital, officially assumed the helm of Woori Bank on Monday. He will serve in the position until December 2024.

As a new head of the bank, Cho vowed to transform it into a “great” institution that “contributes to the country” and is “loved by customers.”

“I will focus on advancing the founding philosophy of Woori Bank, which is to support corporate finance and to be a source of strength for the common people,” Cho said to reporters during his first day.

“Corporate financing is what I have been deeply involved in during my time in the banking sector,” he added. “Considering the national economy's innovation in new growth businesses, we will prepare ourselves to play a role as a commercial bank and become a financial institution that can accompany national development.”

During the inauguration ceremony, Cho reaffirmed his commitment to corporate financing. Considered an expert in the sector, Cho has held various significant positions, including sales, strategy planning and management since joining the bank in 1992.

Cho announced his plans to maximize the sector's capacity, which includes launching a new channel dedicated to small and mid-sized corporations and investing in promising new firms.

As part of his official schedule, Cho will begin on Tuesday by visiting corporate customers and vendors near Seoul to gather feedback and insights from the field.

With his inauguration, Cho now faces the burden of improving the bank's performance.

Although Woori Bank achieved a significant increase in net profits in both the previous and current years, it currently ranks fourth among the five major banks in the country. During the first quarter of this year, it recorded a net profit of 859.5 billion won.

Meanwhile, Hana Bank, which has been in close competition, has widened the gap this year and recorded the highest net profit among the top five banks. NH Nonghyup Bank, which had been lagging, showed an impressive growth of 50.6 percent in its net profit during the same period.

Decreases in corporate loans further emphasized the importance of Cho's role, given his expertise in corporate finance. While Woori Bank had the largest overall loan portfolio, it had the lowest growth rate.

“In an era of relentless competition, a 'deep change' is necessary to create new opportunities. We must boldly change outdated customs and methods,” said Cho, emphasizing the need to actively create opportunities in non-financial sectors and offer customer-oriented services.