Lim Jong-ryong, Chairman of Woori Financial Group, "We will be reborn as a trusted group through a complete transformation"

Remarks Delivered at the Shareholders' Meeting on the 26th

Lim Jong-ryong, Chairman of Woori Financial Group, stated, "With a sober reflection on a series of incidents, all executives and employees of the group are determined to undergo a complete transformation this year, deeply engraving the essence of finance, 'trust,' in our hearts, and we promise to be reborn as the 'trusted Woori Financial Group.'"

In his remarks at the Woori Financial Group shareholders' meeting held on the 26th, Chairman Lim said, "Despite several valuable achievements, there were regrettable and disappointing aspects that did not meet the expectations of customers and the market."

He added that, given the highly uncertain domestic and international environment and market volatility this year, the group will operate under an emergency management system, stating, "We aim to establish ourselves as a truly trusted financial group by enhancing our strong responsiveness."

Im Jong-ryong, Chairman of Woori Financial Group. Photo by Kang Jin-hyung

First, Chairman Lim said he would innovate the entire system by continuously improving the group's internal control systems and procedures so that internal controls are efficiently integrated and operate smoothly in all sales and business processes. More fundamentally, he pledged to consistently promote the enhancement of individual employees' ethical awareness and the establishment of an ethical corporate culture over the long term.

He also announced plans to strengthen competitiveness by solidly improving the core business areas of subsidiaries by industry. He emphasized his commitment to doing his best in implementing value-up (corporate value enhancement) plans through strengthening risk management capabilities as well as managing capital adequacy and liquidity.

Lastly, he said they would make customers' daily lives naturally blend into a diversified financial portfolio and provide innovative financial services such as generative AI (artificial intelligence) and embedded finance partnerships centered on the Woori Financial application (app) NewWON.

Chairman Lim concluded, "Despite the challenging environment this year, all executives and employees of Woori Financial Group will unite with one heart and exert their utmost efforts to leap forward as a stronger and most trusted financial group."

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