Woori Bank, a banking subsidiary of Woori Financial Group, on Thursday announced a major executive reshuffle, aiming to enhance efficiency and compliance.

In the latest reshuffle, the company significantly reduced the number of vice presidents from 23 to 18. Nearly half of the vice presidents were changed as well.

The company further said it deployed younger employees to head foreign subsidiaries in countries such as the US and Vietnam. While these positions were typically held by high-ranking executives, the lender opted to assign younger employees to boost overseas sales.

The management, which had been divided into 20 divisions, was slimmed down to 17. The real estate financing division was merged with the retail division. The asset management and pension businesses were integrated into the wealth management division. Two separate divisions in charge of business related to SMEs and large companies, respectively, were merged into the corporate unit division.

Investment banking, on the other hand, has been separated into an independent unit to encourage cooperation with the financial group's key affiliates in the capital market such as Woori Investment & Securities, which was launched in August, and Woori Asset Management.

The lender further strengthened its organization for internal compliance to prevent financial incidents and manage risk. Teams for money laundering prevention and loan review have been elevated to strengthen supervision. The compliance officer's role will be expanded as well.

“The reshuffle reflects the bank’s efforts to streamline its management and increase the efficiency of its sales unit, while putting customers first," an official from the bank said.

On the same day, Woori Financial Group also announced a leadership reshuffle. Six of its nine executives were retained and the other three were replaced. The firm said it appointed younger officials as executives to pursue a generational change.