Woori Bank, which began as Daehan Cheonil Bank 127 years ago, has played a significant role in the evolution of South Korea's financial landscape through industrialization, economic crises, digital transformation, and global expansion. More than just the oldest bank, it represents a living financial heritage intertwined with the growth of the South Korean financial industry.
According to the financial sector, Woori Bank recently designated 15 branches that have been operational for over a century as "century-old branches." The oldest branch is the Incheon branch, which opened in 1899. Other notable branches include the Pyeongtaek Financial Center (1907), Seoul Station Financial Center (1908), Gupo branch (1912), Jinhae branch (1913), Seoul City Hall Financial Center (1915), and Jongno 4-ga Financial Center (1916). The Jongno Financial Center, Yongsan Financial Center, Cheongju Financial Center, and Iksan branch have also maintained their presence since their openings in 1924.
While the banking industry is rapidly consolidating branches and shifting towards non-face-to-face services, Woori Bank emphasizes its "accumulation of time" as a competitive advantage. The bank positions itself not merely as a service point but as a space that has supported customers' livelihoods and the regional economy, reflecting the trajectory of South Korea's industrialization.
Woori Bank's history is closely linked to the history of South Korea's financial industry. It began with the establishment of Daehan Cheonil Bank in 1899, the first bank founded with domestic capital during the Korean Empire, symbolizing a shift from foreign capital dominance in the financial market. In 1911, it changed its name to Chosun Commercial Bank, helping to establish a modern financial system. The main building, constructed in 1909, is now the Jongno Financial Center, symbolizing the bank's historical significance.
After Korea's liberation, Woori Bank continued to lead changes in the domestic financial industry. It was listed among the first companies on the stock exchange in 1956 and opened the country's first female-only safe deposit box in 1959. In 1961, it became the first financial institution to establish a service center, expanding its role beyond simple deposits and loans to provide comprehensive financial services including finance, investment, real estate, and legal consultations.
The bank also quickly embraced digital transformation. In 1977, it became the first commercial bank to start online operations between Seoul and Busan, and in 1980, it introduced the country's first bank loan system. In 1989, in collaboration with Samsung Electronics, it launched the first corporate banking system, allowing businesses to handle import letters of credit without visiting the bank, essentially laying the groundwork for modern corporate internet banking and digital finance.
Since the 1990s, Woori Bank has introduced a series of innovations in non-face-to-face banking. It started ATM services in 1993 as the first Korean bank and launched home banking-based overseas remittance services in 1996, enabling customers to send money abroad from home or the office during the early spread of the internet and PC communication. In 1997, it implemented an image system that allowed exporters to be notified on the same day of opening a letter of credit, accelerating the digitization of trade finance.
The restructuring of the financial sector following the 1997 Asian financial crisis marked another turning point in Woori Bank's history. In 1999, Korea Commercial Bank and Hanil Bank merged to form Hanbit Bank, and in 2001, the first financial holding company system was established in the country. In 2002, the bank changed its name to Woori Bank, establishing the brand that exists today.
Recently, Woori Bank has been transforming from a traditional financial institution into a digital platform company. In 2022, it launched the first digital supply chain platform in the financial sector, "WonBiz Plaza," and in 2024, it introduced an AI-based service called "AI Banker." This evolution underscores Woori Bank's position as a symbolic financial institution that showcases the past, present, and future of South Korean finance, built on 127 years of accumulated financial DNA.
* This article has been translated by AI.
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