Son Tae-seung, Chairman of Woori Financial Group, "Expanding Non-Banking Portfolio Next Year"

Published 06 Oct.2021 10:09(KST)

Establishment of Integrated Hub for Capital, Asset Trust, and Savings Banks

Woori Financial Group held a move-in ceremony for its three subsidiaries on the 5th at the 'Woori Financial Gangnam Tower' located in Yeoksam-dong, Gangnam-gu, Seoul. (From left) Lee Chang-ha and Lee Chang-jae, Co-CEOs of Woori Asset Trust, Sohn Tae-seung, Chairman of Woori Financial Group, Park Kyung-hoon, CEO of Woori Financial Capital, and Shin Myung-hyuk, CEO of Woori Financial Savings Bank, are posing for a commemorative photo.

[Asia Economy Reporter Jin-ho Kim] Sohn Tae-seung, Chairman of Woori Financial Group, stated, "Next year, we will simultaneously pursue the expansion of the non-bank portfolio and the strengthening of competitiveness of existing non-bank subsidiaries." This is a strategy aimed at seeking both quantitative and qualitative growth in the non-bank sector.

According to Woori Financial Group on the 6th, Chairman Sohn made these remarks during the 'Subsidiary Competitiveness Enhancement Meeting' held yesterday at the new Gangnam Tower headquarters in Seoul.

At the meeting, Chairman Sohn said, "Despite nearly three years of difficult conditions since the establishment of the holding company, the group system has firmly taken root," and urged, "In the fourth year of the group next year, let us simultaneously pursue the expansion of the non-bank portfolio and the strengthening of competitiveness of existing non-bank subsidiaries to make the non-bank sector a strong growth engine for the group."

Since August, Woori Financial Group has relocated Woori Savings Bank, Woori Asset Trust, and at the end of last month, Woori Financial Capital to the new Gangnam Tower headquarters. Accordingly, the integration and relocation process of the three non-bank subsidiaries incorporated into the group since the establishment of the holding company has been completed.

A Woori Financial Group official stated, "We achieved a remarkable performance rebound in the first half of this year, and recently announced the sale of 10% of Woori Financial Group shares held by the Korea Deposit Insurance Corporation, marking the countdown to full privatization," adding, "Based on solid performance and the momentum of successful privatization, we will actively strengthen the non-bank sector within the group through M&A (mergers and acquisitions) or capital increases in the future."