Woori Bank Establishes Dedicated Debt Restructuring Team to Strengthen Support for Small Business Owners and Vulnerable Groups

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On August 4, Woori Bank announced that it has established a dedicated debt restructuring team to strengthen support for small business owners and vulnerable groups struggling due to the economic downturn.

The newly established debt restructuring team will be managed directly by an executive-level official and will focus on enhancing consultation expertise, strengthening debt restructuring capabilities, and refining internal systems to establish a systematic response framework. In particular, in line with the intent of the "Act on the Management of Personal Financial Bonds and Protection of Personal Financial Debtors," which was implemented in October of last year, the bank plans to actively support the debt restructuring process and work to provide a practical foundation for recovery.

According to this law, individual debtors who meet the requirements can negotiate debt restructuring autonomously with financial institutions. In addition, financial institutions can independently decide on measures such as principal reduction, waiver of overdue interest, and extension of repayment periods.

Through these measures, debtors with the willingness to recover can increase their chances of rehabilitation through proactive adjustments by the financial sector. In particular, small business owners and self-employed individuals facing temporary liquidity crises are expected to benefit from a strengthened foundation for recovery.

A Woori Bank representative stated, "By establishing this new team, we will not only support the recovery of small business owners by alleviating repayment burdens, but also effectively manage delinquency rates by preventing non-performing loans in advance. We will fulfill our social responsibility as a financial institution while also maintaining asset soundness in a stable manner."

Previously, in April, Woori Bank established the "Crisis Enterprise Proactive Response ACT" to address growing domestic and international uncertainties stemming from the imposition of mutual tariffs by the United States. The newly established debt restructuring team is an extension of these proactive financial support measures.

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