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Report: Woori Bank mulls annual branch closures amid shift to digital

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Report: Woori Bank mulls annual branch closures amid shift to digital

Woori Bank is considering closing up to 30 branches a year as it looks to reduce its branch count amid the rising popularity of digital banking, The Korea Times reported June 5, citing an official from the bank.

The South Korean lender is in talks with its union about reducing its branches across the country, the official said, adding that there will be no large-scale layoffs.

The details of the branch reduction plan have yet to be fixed as the bank's management aims to reach a consensus with the union before implementing the plan.

The bank is focusing on migrating more of its transactions to a digital format, while rethinking its branches in order save costs and enhance management efficiency, the official said.

As of March, Woori Bank had 880 branches in South Korea, the publication reported.