[From the Scene] Woori Bank nurtures global talent in Asian push

Betary Syahlan, a final-year business management student at Kyunghee University in South Korea, said she enrolled in Woori Bank's "Woori Internship, Scholarship & Hiring" program to gain practical experience in global banking.

"During the program, we are given various assignments that immerse us in real work, an opportunity often lacking in other internships, especially in Indonesia. Working at a major bank like Woori is challenging, but we are definitely learning a lot in a short time," Syahlan told The Korea Herald in a recent interview held at the bank's headquarters in central Seoul.

This month-long program, running from June 24 to Aug. 9, is the first exclusive full-fledged internship for foreigners in the local banking industry.

It was CEO Cho Byung-kyu who initiated the program following his trip to Vietnam last year.

"The CEO emphasized the importance of localizing the bank, particularly through smooth communication between local employees and management in Korea. Students studying in Korea have a good understanding of the country, and we decided to train and support them as potential workers for our regional offices," said Kwon Duk-hyun, the deputy general manager of Woori Bank's Southeast Asia Growth Business Department, which is in charge of the internship program.

Students from Indonesia, Vietnam and Cambodia — the three Southeast Asian countries where Woori Bank operates — who were in their final year at a Korean university were eligible to apply.

A total of eight participants — four each from Indonesia and Vietnam — were selected. Of these, four will be chosen for scholarships and offered employment opportunities at the bank's regional offices in their home countries.

"Along with their understanding of the Korean language and culture, global mindset and leadership qualities, their interest in returning to work at our regional offices was a crucial factor in our evaluation," Kwon explained.

Executives and managers from the regional offices, who are potential employers, made the recruitment decisions. They reviewed applications, conducted interviews and assessed performance during the internship.

The five-week program offered comprehensive work experience. The main training occurred at the Seoul headquarters, where interns received basic banking training and conducted projects. Each week, participants were assigned different industry-related themes, such as marketing and product development. They also visited specialized offices, including the financial center and the foreigner-focused branches.

For Xuan Le, a Korean education student from Vietnam studying at Dongguk University, diving into the unfamiliar banking field was challenging at first. However, the program offered more than just professional knowledge.

"Since my major was unrelated, I had never faced tasks like market evaluation and sales strategy development. It wasn’t easy, but I wasn’t alone. With the help of mentors and team projects, I gained experience in various skills, from data analysis to strategic and creative thinking," shared Le.

Andari Candrika, a 27-year-old MBA student from Indonesia at Sungkyunkwan University, found comparing financial products in Korea and Indonesia particularly interesting.

"We had a section where we presented ideas on current financial trends in our home countries. I conducted extensive research and analysis on products and services, as well as problems in the Indonesian financial landscape. These are unique experiences that can only be gained through this program," said Candrika.

Following the internship, the four candidates for employment will receive official training at the regional offices. They are expected to contribute their talents in management and marketing, which will require consistent communication with the headquarters.

The new internship underscores Woori Bank's commitment to positioning Southeast Asia, which accounts for over 40 percent of its global business, as its "Second Home." By boosting its presence in the region, the lender aims to increase the proportion of global operations in its net profit to 25 percent, from the current 8.7 percent.

Woori Bank plans to continue the internship annually and eventually integrate it into the recruitment process for all its overseas branches.

"We expect it to become a bridge between the bank's headquarters and international offices," Kwon said. "Those employed through the program will continue to receive training at the headquarters, with the responsibility to apply what they have learned to the regional offices and drive improvements. Ultimately, our goal is to nurture these foreign talents into potential management and executive-level personnel at our overseas branches."