History of Woori Bank Bangladesh (WB)

History of Woori Bank Bangladesh(WB)
Woori Bank is a bank headquartered in Seoul, South Korea and Woori Bank is a subsidiary of
the parent company Woori Financial Group. The bank was founded back in 1899, originally
called Daehan Cheon-il Bank, renamed Joseon Sangup Bank in 1911, then Commercial Bank of
Korea in 1950s. Following the 1997 Asian financial crisis, it merged with the former Hanil
Bank and Peace Bank to become Hanvit Bank. Woori Bank adopted its current name in 2002.
Its Jongno branch is located in the Gwangtonggwan, the oldest continuously-operating bank
building in Korea. It was registered as one of city's protected monuments on March 5, 2001.
In 2004, Woori Bank opened its Gaeseong Industrial Complex branch, in Gaeseong, North
Korea.
In May 2009, Woori Bank became the first South Korean bank to issue UnionPay debit cards in
China. In March 2010 it became the first foreign bank to issue Shanghai Tourism Cards in
mainland China.
Woori Bank has operations in Bangladesh,India and in Indonesia. On 14 March 2012, its
Indonesian subsidiary, Bank Woori Indonesia, announced a plan to merge with a local
bank, Bank Saudara.
In April 2012, Woori Bank opened its first branch in India at Chennai.
Woori Bank is the first South Korean bank to support web browsers other than Internet
Explorer for online banking in Korea. Its foreign divisions, such as the one based in China, still
require IE.
In pursuit of his vision: in May 2006 WB extended its operations into Southern Sudan to
provide conventional banking services. The subsidiary has 11 branches.
The latest addition to the WB family came in November 2007 with the opening of WB
Uganda which has 14 branches. In December 2008 WB bank Rwanda began its
operations with one branch in Kigali. There are now 9 branches.
The Government has over the years reduced its share holding to 35% and more recently
to 26.2 % following the rights issue in 2004 which raised USD 2.4 billion in additional
capital to the bank.
In the second rights issue exercise in the year 2008, the Government further reduced its
shareholding to 23.1 % after raising additional capital for USD 5.5 billion.
The bank conducted a third rights issue exercise in 2010 in which Government further
reduced its shareholding to 17.74 %. In the same year S& L was merged with WB
providing access to mortgages throughout the bank’s network of 222 branches.

Challenges and opportunities related to Kenya Commercial Bank
Globalization
Woori Bank Bangladeshhas its operations beyond Kenya’s borders. The bank has
branches in Kigali Rwanda, Tanzania, South Sudan and Uganda. All these locations
have different employees with different attitudes, cultures, temperaments and
expenences.
By expanding to these locations, the bank has positioned itself towards achieving growth
and profitability. Further success in global competition requires the Bank to respond to
ethnic, religious, and gender diversity and to personal integrity in the workforce, in
addition to responding positively to the competition in the international market place.
It’s a challenge to better understand the needs, preferences, attitudes and values of
other cultures in order to better satisfy them and provide them with better services.
Workforce diversity
Woori Bank Bangladeshis one of the biggest banks in East Africa. Today its workforce
is becoming more and more diverse as the bank continues to expand. This diverse
workforce includes different age groups, gender, races. These different people make up
the mixed blended workforce that come with different ideas and strategies which have
greatly impacted the way the Bank conducts its business.
Managing the workforce is becoming a global concern. For example, the issue of women
in the workplace concerns workforce diversity. Gender roles and expectations are often
defined differently in various cultures. Certain nonverbal cues may be understood
differently by different people. For example a polite tap on the shoulder may be offensive
to some people, but not others. A handshake, which may be used to ‘break ice’ before
and after a meeting may not be taken so lightly especially if it is between a man and a
Muslim woman and vice versa.
Quality improvement and Productivity
Companies are rapidly starting their operations in other parts of the world, thus resulting
in increased competition. In order to gain their share the companies have to provide god
quality. For the purpose of this the Bank has quality management and process
reengineering.
Quality management is the constant attainment of customer satisfaction through
continuous improvement of all organization processes.
Process engineering tasks managers to consider how work would be done and how their
organizations would be structured if they were starting their business today.
Coping with Change
Change creates opportunities and risks. Global competition is a leading force driving
change at work. Competition in the banking industry has increased significantly during
the past few years. Corporates competition creates pressures, which have a ripple effect
on people and their behavior at work. Competition may lead to downsizing and
restructuring, but it provides opportunities for revitalization. Woori Bank Bangladeshhas

enhanced its managerial talent and service quality to meet the challenges of growth and
competition.
Managerial effectiveness
Managers are tasked with the responsibility of coordinating other individuals’ effort to
achieve organization’s goals. The behavioral challenges managers at Kenya
Commercial Bank face today are exacerbated by the increasing complexity of the work
environment and the fast pace of demographic and technological changes.
The work force is becoming increasingly diverse. Most of the growth in the work force is
being driven by women and various racial or ethnic minorities. Increasing
internationalization is also bringing people from a variety of cultural backgrounds
together in the workplace. Being able to manage diversity well is more important than
ever because decisions are increasingly made in cross-functional teams and task forces.
But most corporations still have a long way to go to create a work environment in which
diversity is embraced. Likewise, managers need to understand that people who
traditionally have been discriminated against (e.g., people with disabilities) represent
valuable pools of employee talent.

As workplace demands continue to increase, they may spill over into family life.
Exacerbating the issue is the fact that family structures have shifted over the years
toward more dual-career couples and single parents. Managers who can recognize
these work-family issues and craft flexible solutions will be rewarded with greater
employee loyalty and performance.
Conclusion
Understanding organization challenges is at the heart of successful strategic plans.
There are challenges everywhere both within and outside the organizational boundaries.
Clarity of challenges enables an organization to assess probability of achieving goals,
and formulating plans to remove the road blocks on the way, identifying latent
opportunities in the challenges - challenges are a pack of hidden opportunities.
Organization challenges when addressed proactively provide a company with
opportunity for creating future or else can spell a disaster. Strategic plans are the means
of addressing these organizational challenges and making the most of the opportunities
that accompany the challenges. Complacency can un-sight the challenges around the
corner and in turn may deprive a company of great opportunity

History of Woori Bank Bangladesh (WB)

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History of Woori Bank Bangladesh(WB)

provide conventional banking services. The subsidiary has 11 branches.

operations with one branch in Kigali. There are now 9 branches.

capital to the bank.

providing access to mortgages throughout the bank’s network of 222 branches.

have different employees with different attitudes, cultures, temperaments and

addition to responding positively to the competition in the international market place.

greatly impacted the way the Bank conducts its business.

Muslim woman and vice versa.

Quality improvement and Productivity

Quality management is the constant attainment of customer satisfaction through

continuous improvement of all organization processes.

organizations would be structured if they were starting their business today.

Coping with Change

restructuring, but it provides opportunities for revitalization. Woori Bank Bangladeshhas

achieve organization’s goals. The behavioral challenges managers at Kenya

environment and the fast pace of demographic and technological changes.

being driven by women and various racial or ethnic minorities. Increasing

internationalization is also bringing people from a variety of cultural backgrounds

diversity is embraced. Likewise, managers need to understand that people who

valuable pools of employee talent.

employee loyalty and performance.

Understanding organization challenges is at the heart of successful strategic plans.

Clarity of challenges enables an organization to assess probability of achieving goals,

opportunities in the challenges - challenges are a pack of hidden opportunities.

Organization challenges when addressed proactively provide a company with

corner and in turn may deprive a company of great opportunity

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