Woori Bank. (photo = Yonhap news)

 

[Alpha Biz= Reporter Paul Lee] Woori Bank's Euljiro branch will close in July. Woori Bank, which aims to rebuild renowned household names in corporate finance, enter the global market and strengthen its asset management capabilities, will merge a total of 21 branches, including those at major locations in Seoul, in a bid to streamline management.

Woori Bank announced on July 5 that it will close 21 locations, including Euljiro, Hongik University, Sangam-dong, Central City, Dongdongsam, Daeheung Station, Dangsan-dong, Gileum New Town, Changdong Station, and Ilsan Lake Branch, and integrate them into nearby branches. Woori Bank also merged 11 branches, including Gangnam Station, Nambu Terminal, Nonhyeon Central and Mangwon Station, in March. Woori Bank is reducing the number of general stores by opening additional channels specializing in corporate finance, such as Bizprime and asset management.

The reason for the decision to merge the branches this time is high rent. It is interpreted that Woori Bank has started to reduce rent and labor costs, which account for most of the store's operating expenses, in order to improve its performance or streamline its management.

 

 

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