Woori Financial Savings Bank, 100 Billion Won Paid-in Capital Increase... "Strengthening Non-Banking Sector"
Enhancing Capital Adequacy in Advance to Prepare for Market Uncertainty
Strengthening Structural Improvement and Digital Sector
Woori Financial Group affiliate Woori Financial Savings Bank announced on the 3rd that it held a board meeting on the 31st of last month and resolved a paid-in capital increase worth 100 billion KRW.
Through this paid-in capital increase, Woori Financial Savings Bank was able to enhance its capital adequacy in preparation for market uncertainties arising from the delayed recovery of the real estate market. Based on this, the corporate credit rating of Woori Financial Savings Bank according to NICE Credit Rating maintained the same ‘A/Stable’ as last year.
Woori Financial Savings Bank plans to use this paid-in capital increase as an opportunity for stable portfolio restructuring, represented by △gradual expansion of household credit loans △expansion of win-win finance △reduction of the proportion of real estate loans.
In addition, it plans to improve its structure as a ‘solid savings bank,’ focus its capabilities on digital transformation, and promote qualitative growth based on synergies among Woori Financial subsidiaries. Through this, Woori Financial Savings Bank is expected to play a major role in strengthening the group’s non-banking sector.
A representative of Woori Financial Savings Bank said, “With the active support of Woori Financial Group, we have secured management stability and laid the foundation for continuous growth,” adding, “Woori Financial Savings Bank will actively fulfill its role as a financial institution for the common people through structural improvement and strengthening of the digital sector.”
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Meanwhile, Woori Financial Group made Woori Financial Savings Bank a 100% subsidiary in December 2020 and incorporated it as a subsidiary in March 2021. Previously, in May 2021, it also conducted a paid-in capital increase worth 100 billion KRW, laying the groundwork to leap forward as a leading financial company for the common people in the industry.
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