S. Korea: Woori to launch center for pension fund management

Woori Bank will open a center for pension fund management Monday, to improve its customers’ return on assets, the bank said Friday. According to Woori, the center will be a comprehensive consulting center staffed by 30 advisors specializing in private banking. The bank’s division for pension funds will be in charge of its operation. In order to offer personalized advice to each customer, Woori said the center will categorize its customers into three groups ― those who own products near maturity, those who own products with low-interest rates and those who suffer losses.

“Pension fund customers need experts who can give them advice tailored to their choice of products and asset management,” a Woori Bank official said. “By providing them with comprehensive consulting services for better profitability, we will help our customers increase their financial assets for retirement.” Woori Financial Group, the holding company of Woori Bank, has been working to better meet customers’ growing needs for retirement annuities. On July 1, the group also set up an exclusive department for pension products to oversee the pension-related businesses of its subsidiaries.

By Park Jae-hyuk

(Korea Times)