The flagship unit of South Korea’s No.4 financial holding company Woori Financial Group Inc.fired the head of the global business in March.“Woori Bank aims to reform its practice to appoint executives as overseas unit heads before their retirements,” said one of the sources.“The bank is highly expected to seek a major generational shift through the scheduled year-end executive reshuffle.” Shinhan Bank, the lender of the country’s second-largest financial holding company Shinhan Financial Group, is poised to focus on its global business to maintain its position as a South Korean bank with the largest profit from overseas units.
The lender expects management-level talent from local staff in other countries to improve the competitiveness of its overseas business more than managers from South Korea, the sources said.“It is a measure to strengthen the global management system centered on local talent,” said a Hana Bank official.“These talents will be the driving force for Hana Bank to escalate its position in the global market in the future.”South Korean banks usually send managers from headquarters to supervise their overseas units.
Hana Bank, South Korea’s No.2 lender by assets, plans to appoint excellent locally hired staff in other countries as branch heads or relationship managers, client-focused professionals who advise customers on investments and financial services, according to financial industry sources in Seoul on Monday.
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