Son Tae-seung "Company-wide Innovation to Respond to the New Normal"... Accelerating 10 Trillion Won Financial Support for the Korean New Deal

Group 'New Deal Financial Support Committee' Held
Full-Scale Financial Support of 10 Trillion Won Over 5 Years Begins

Son Tae-seung, Chairman of Woori Financial Group

[Asia Economy Reporter Kim Hyo-jin] Woori Financial Group announced on the 23rd that it held the 'New Deal Financial Support Committee' on the 21st, chaired by Chairman Sohn Tae-seung and attended by CEOs of its subsidiaries, deciding to actively utilize the 'Korean New Deal' as an opportunity to discover new growth engines for the group through investments and attracting excellent companies.

At the New Deal Financial Support Committee, Woori Financial sought various participation methods by analyzing the business relevance of each subsidiary to the major policy tasks of the Korean New Deal and decided to fully launch financial support worth 10 trillion KRW over five years, including loans and investments.

Woori Financial plans to first accelerate the digital and non-face-to-face transformation across the group’s businesses by actively promoting new data businesses, as business conditions such as digital infrastructure construction and deregulation are expected to rapidly improve in the 'Digital New Deal' sector.

In the 'Green New Deal' sector, the group’s CIB division, which has extensive experience and capabilities in solar power and offshore wind power investments, will expand financial support for eco-friendly and green innovative companies. It plans to make new investments exceeding 200 billion KRW in the renewable energy and eco-friendly sectors in the second half of this year.

In particular, by utilizing policy finance and credit guarantee support systems and strengthening collaboration with specialized institutions in each sector, Woori Financial will expand support for excellent technology companies related to the digital and green New Deals. At the same time, it plans to strengthen financial support for companies creating quality jobs to contribute to employment and social safety net reinforcement.

Expansion of Support for Excellent Digital and Green New Deal Companies
"Full Effort to Respond to the 'New Normal' After COVID-19"

Woori Financial will also continue to provide financial support to productive sectors and to overcome the COVID-19 crisis.

In the loan support sector, movable property and IP financing increased by 234 billion KRW compared to last year as of July, exceeding this year’s target of 200 billion KRW, and technology finance also grew by 4.7 trillion KRW, maintaining its growth trend.

In the investment support sector, following last year, subsidiaries and client companies completed the formation of a 100 billion KRW Innovation Growth Master Fund this year as well. As of the end of last month, indirect investments in the Innovation Venture Fund reached 62.5 billion KRW, and it plans to continue investments up to 200 billion KRW by the end of the year, an increase of 100 billion KRW compared to last year.

For innovative startup companies, nine were selected in the first half of the year with investments totaling 9 billion KRW, and through ongoing public offering procedures in the second half, Woori Financial plans to support innovative startups in various fields such as digital and eco-friendly sectors to grow into future unicorn companies.

Chairman Sohn Tae-seung said, "In a situation where the wounds from the flood have not yet healed and concerns about the resurgence of COVID-19 are rising, all employees will strive even harder for innovation to respond to the new normal after COVID-19, as well as provide comprehensive financial support, which is the fundamental role of finance."

Source: Provided by Woori Financial Group

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