Woori to step up its game in corporate financing

Woori Financial Group Chairman Yim Jong-yong speaks during a H2 strategy meeting held at the group’s headquarters in central Seoul, Friday. (Woori Financial Group)

South Korean financial giant Woori Financial Group plans to expand its corporate financing, according to its chairman Friday.

"During the first half of 2023, we prioritized risk management such as controlling financial soundness and capital adequacy as the uncertainty in financial markets both in and out of Korea escalated,” Woori Financial Group Chairman Yim Jong-yong said at a workshop held at the group’s headquarters in central Seoul.

"It was a meaningful time when bold changes began, laying the foundation for innovating the corporate culture and leading financing for social contribution,” Yim said.

Yim shared his vision of strengthening the group’s corporate financing in the latter half of 2023.

"The uncertainty in the business environment still exists in the latter half of 2023, but we should work to achieve the financial goal, by persevering as the big name of corporate financing, securing mid and long-term competitiveness,” he said.

“To become a key player of corporate financing, we have to strengthen sales, along with thorough screening and management on credit.”

Yim and other employees, including the newly appointed Woori Bank CEO Cho Byung-kyu, discussed how the group could elevate its corporate financing sector.

Yim also requested that the group cooperate in digital transition.

“Recently, we have decided to transition the operation of IT services (from outsourcing) to in-house. We hope the whole group can cooperate in innovating IT governance,” he said.

IT services for the group's affiliates were run by its subsidiary Woori FIS. The group plans to have its affiliates operate their own services from January to strengthen its response to the changing digital environment.

By Im Eun-byel(silverstar@heraldcorp.com)