Woori Bank said Sunday that it would use innovation to become a “strong bank” for consumers this year.

In a business strategy meeting with some 1,500 executives and staff in Ilsan, Gyeonggi Province, Saturday, Lee Kwang-goo, CEO of Woori Bank, shared his goals for the first half of this year and urged his staff to take more ownership over their work and fully engage in their businesses.

Lee also declared the so-called “24.365 Innovation Project,” stressing the need to build a strong foundation to sustain the future of Woori Bank. 

The Innovation Project includes building innovative services, expanding into overseas markets and successfully achieving privatization of the bank.

Woori Financial Group, which owns Woori Bank, was formed through a merger in 2001, when four commercial banks and an investment bank were restructured by the government in the aftermath of the Asian financial crisis in 1998.

The South Korean government has tried to sell a 30 percent stake in Woori Bank since 2010 with the intention of recouping public funds.

However, the government’s attempts to privatize Woori Bank failed for the fourth time last November as it failed to attract more than two bidders for the bank.

Meanwhile, other branches of Woori Financial Group had been sold off successfully.

The bank’s project also included goals such as leading the financial industry, protecting financial customers and expanding customers both domestically and abroad.

By Sang Youn-joo (sangyj@heraldcorp.com)