Woori Bank said on Feb. 5 it set up a Business Succession Support Center on Feb. 4 to help small and mid-sized companies achieve sustainable growth. It also carried out an organisational reshuffle to strengthen digital finance and support global business.

The newly established Business Succession Support Center is an upgraded organisation to implement action plans drawn up by a dedicated family business succession task force that was set up under the management planning group in November last year.

The centre will provide comprehensive solutions for a range of business succession work for small and mid-sized companies, including succession within relatives centred on inheritance and gifting, sales, mergers and acquisitions, and transitions to a professional management system. The bank plans to help companies maintain continuity and support the expansion of productive finance.

To that end, the bank combined its corporate finance capabilities with its asset management expertise to build a one-stop, customised support system covering the full succession process, including analysis of corporate financial structures, succession structure design and links to financial products. It also plans to continue strengthening the expertise of its succession consulting by collaborating with outside specialist institutions in areas such as tax, accounting and legal services.

Choi Sang-jin (최상진), a deputy general manager in Woori Bank's general planning department, said long-lasting companies that maintain continuity through stable management succession are delivering strong results in business performance and employment. He said the bank will do its best to support the growth of small businesses, help balanced regional development and expand productive finance.