Woori Bank said on April 13 it signed a corporate succession business cooperation memorandum of understanding with Kim & Chang and Samil PwC at its headquarters in Jung-gu, Seoul.

The agreement was designed to build an integrated support system covering finance, legal and tax services. Specialist organisations in each field will work together to resolve complex issues that arise in the corporate succession process. The core is jointly designing implementable succession strategies beyond simple advisory services.

Under the agreement, the three institutions plan to provide legal and tax advice related to corporate succession, jointly promote education and seminars for companies, and pursue research and information exchanges to develop institutions and the market. In particular, they will support the design and execution of optimal succession structures tailored to corporate circumstances, responding to a shift from child-centred succession to market-based succession such as third-party sales including mergers and acquisitions.

Corporate succession is not a simple transfer of management control but a process in which accumulated technology, jobs and corporate value are stably passed on to the next generation. This cooperation model is expected to establish itself as a financial model that contributes to regional economic foundations and employment stability while maintaining corporate continuity and competitiveness.

Woori Bank CEO Jin-wan Jeong (정진완) said, "Corporate succession is not a simple transfer of shares but a process of designing a company's future." He added, "Through a cooperation model that spans beyond finance to include legal and tax services, we will provide customer-tailored succession solutions and support companies so they can be stably passed on to the next generation."