South Korea’s Woori Bank, which is the only major Korean commercial lender that is not part of a financial group, is accelerating steps to shift into a holding entity.

Under a holding structure with higher ceiling in capital, the bank is free to branch out to non-banking segment.

The bank’s reorganization plan needs approvals from its board, financial authority, and shareholders. It will be able to start anew in a holding structure from beginning of next year.

Woori was the first among Korean lenders to introduce a holding system in 2001, but it broke up in 2014 to accelerate the privatization or sale of government stake in the bank.

Seven units operate under the Woori family - Woori Card, Woori Investment Bank, Woori FIS, Woori Credit Information, Woori Fund Services, Woori Private Equity Asset Management and Woori Finance Research Institute. Its assets are estimated at 20.34 trillion won ($18.8 billion) as of the quarter ended March.

On Monday, shares of Woori Bank closed up 3.62 percent at 15,750 won.

By Lee Seung-yoon and Lee Ha-yeon

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