Woori Financial Group seems to be in a dilemma over whether to introduce the “matrix” system, which connects units such as banks and brokerages.

The nation’s largest financial group, which launched a study on the fresh business concept in the second half of 2011, has already completed working-level reviews.

But the group has not fixed the details or timing due to strong opposition from its flagship unit Woori Bank.

“There is stern criticism from the union of the bank unit toward the introduction of the matrix,” a group executive said Monday.

He said that unionized workers worried about the possibility that the bank’s authority will be scaled down under the system, which is expected to offer the group greater power in terms of decision-making.

He also mentioned the necessity that Woori Financial, as a state-owned company, is obliged to consult with financial regulators on the issue.

Downplaying the rumors that Woori will launch the system as early as April, he said it was uncertain whether its introduction would be feasible during the first of the year.

In a bid to placate the bank union, the group is reportedly considering revising its project ― from connecting overall business units to connecting only bank and brokerage units.

Hana Financial, which adopted the overall matrix system after benchmarking cases overseas, went through a variety of problems during operations.

The initial move by Hana Financial has faced criticism amid speculation that the matrix is designed to strengthen its chairman’s influence over each unit.

In the wake of the introduction, the main units including Hana Bank and Hana Daetoo Securities were pressured to play a significant role as funding sources for the group’s M&A projects, critics argue.

Financial regulators formally instructed Hana Financial to revise the matrix system, citing lax internal control in each unit.

Shinhan Financial, instead, focused on bank and brokerage units.

The combined services of Shinhan mainly target “wealth management” and “corporate investment banking.”

For retail customers, the new entity’s staff of the WM business division offer services such as investment and finance advice.

Corporate customers are able to enjoy preemptive risk management tools in consultation with the entity’s CIB business division for procurement and settlement services.

Though KB Financial has no plan to adopt the matrix system at the present time, it has decided to seek closer coordination between bank and securities units if necessary.

By Kim Yon-se (kys@heraldcorp.com)