Financial Incident at Woori Bank's Indonesian Subsidiary Amounts to 1.7 Billion KRW

Woori Bank building. Provided by Woori Bank

Woori Bank announced on November 6 that a financial incident amounting to approximately 1.7 billion KRW had occurred at its Indonesian subsidiary, Woori Saudara Bank.

According to Woori Bank, an internal audit at Woori Saudara Bank revealed that a locally hired employee had engaged in fraudulent handling of loan documents. The employee has been removed from their position, and the bank plans to request a judicial investigation for occupational breach of trust in accordance with local laws.

A Woori Bank representative stated, "We are taking swift measures to preserve receivables and minimize losses, and have designated a new head of the subsidiary as part of our management reform efforts."