Woori Financial Group Establishes First Infrastructure New Deal Fund in Financial Sector
Woori Bank and Socar sign agreement on sharing platforms and supply chain financing
Chairman Sohn Tae-seung of Woori Financial Group. (Photos: Woori Financial Group)
The Woori Financial Group announced on Nov. 25 that it has signed an investment agreement for Woori Global Infrastructure New Deal Fund, the first New Deal fund in the financial sector to invest in infrastructure and infrastructure projects.
The Woori Financial Group set the volume of its investment at 200 billion won through collaboration with Woori Bank and Woori General Finance, which participated as investors.
Woori Global Asset Management will be in charge of the management of the fund and Woori Fund Services will carry out general administration.
Unlike other New Deal funds that invest in new and renewable energy, stocks, and indexes, Woori Global Infrastructure New Deal Fund takes aim at domestic smart logistics facilities, eco-friendly infrastructure, and smart transportation facilities.
The fund will secure the stability of fund management first through strict investment guidelines, and at the same time, profitability through various portfolio strategies.
The fund was established on Nov. 18. As the first investment target, the fund selected a smart logistics center in Hwaseong, Gyeonggi Province on Nov. 24.
Starting with this, the company will continue to invest in high-quality infrastructure assets including projects under the management of Woori Bank.
The Woori Financial Group will continue to release a series of infrastructure New Deal funds that matches the direction of New Deal policies when the amount of the first fund is exhausted early.
“Our financial group established the first infrastructure New Deal fund in the financial sector to overcome the COVID-19 pandemic and respond to structural changes such as shifting the digital economy into high gear and turning the Korean economy into an eco-friendly one,” a Woori Financial Group official said.
“We will continue to actively participate in the Korean government's New Deal policies and provide preemptive financial support to related projects.”
Woori Bank announced on Dec. 10 that it has signed an agreement on forging a strategic partnership on sharing platforms and supply chain financing with the mobility platform Socar.
With key officials from both companies including Woori Bank President Kwon Kwang-seok and Social CEO Park Jae-wook attending the signing ceremony, the two companies decided to start cooperation from joint platform marketing to the development of products that combine data from both companies.
Socar is the first unicorn company to have been evaluated to have more than one trillion won in its corporate value in the Korean mobility industry and the nation's unrivaled car-sharing company.
Under the agreement, Woori Bank will enhance convenience for customers by providing financial products and services to customers of Socar which made a foray into the mobility business including car-sharing, used car sales and designated driver services for those who drank liquor.
Socar and Woori Card, an affiliate of the Woori Financial Group, will team up to provide installment financing to customers who will purchase vehicles.
By combining the accumulated financial know-how of Woori Bank with mobility platform data of Socar, the two companies will expedite the development of supply chain financial products optimized for startups.
“We expect that we will greatly increase customer convenience through Woori Bank's financial services for various services pushed forward with by Socar through this agreement,” said Kwon Kwang-seok, president of Woori Bank.
“We will continue to grow together by developing new business models and joint marketing that combine the two companies' data infrastructure.”
Meanwhile, Woori Bank announced on Dec. 3 that it was honored as the "Global Bank of the Year" by “The Banker,” a global financial magazine. In addition, the bank took the “Best Bank of Asia” Prize and the “Best Bank of Korea” Prize.
The Banker is a monthly financial magazine published by the Financial Times. The magazine annually selects the best banks in the global, regional, and country categories through a rigorous screening process.
A view of the building in downtown Seoul where Woori Financial Group has offices.