Jung Jin-wan, the president and CEO of Woori Bank, speaks to reporters at a press conference at the company's headquarters in central Seoul on June 1. [WOORI BANK]
Woori Bank unveiled strategies for a service aimed at helping small- and medium-sized companies navigate business succession on Monday as part of a broader push by the lender to support their sustainable growth.
The service offers consulting on accounting, tax planning and mergers and acquisitions to help businesses prepare ownership transfers, an area the lender sees as increasingly important as first-generation founders reach retirement age and Korea's rapidly aging population drives demand for succession planning.
“Business succession is not merely a challenge for individual companies but a critical economic issue with direct implications for jobs, the preservation of technological skill and the stability of industrial supply chains,” said Jung Jin-wan, the president and CEO of Woori Bank, at a press conference at its headquarters in central Seoul on the same day.
In February, Woori Bank launched the banking industry's first specialized business-succession consulting service.
