Woori Financial Group held an environmental protection campaign event titled “Woori Will Protect Earth” at its headquarters in Jung-gu, Seoul on April 22. Those who pose for a photo shoot includes Sohn Tae-seung (center), chairman of Woori Financial Group, Kwon Kwang-seok (second from left), president of Woori Bank, and Park Pil-joon (fourth from left), chairman of the labor union. (Photo: Woori Financial Group)

Woori Bank announced on May 13 that it had successfully issued 300 billion won in 10-year ESG subordinated bonds (contingent convertible bonds) with a coupon rate of 2.64 percent to raise its BIS equity ratio.

These ESG subordinated bonds are a sustainable bond that combine green bonds used in green finance for renewable energy development projects, among others, and social bonds to support socially vulnerable groups. It is the first ESG subordinated bond issued by Woori Bank.

Furthermore, the issuance of the ESG subordinated bonds is expected to drive up Woori Bank’s BIS ratio by 0.20 percentage points to 17.54 percent from 17.34 percent as of the end of last year.

The bonds carry 10-year maturity. Their coupon rate is 2.64 percent, which is a 0.50 percentage points added to 10-year government bonds. Their issuance spread is the lowest among bonds that have been issued since the introduction of Basel III.

“Even though the bond market conditions were not favorable, including U.S. Treasury Secretary Janet Yellen’s remarks on an interest rate hike, we have successfully issued the bonds based on the best-ever quarterly performance since our transition into a holding company and trust from institutional investors,” said an official at Woori Bank.

Since February 2019, Woori Bank has been actively implementing ESG management to realize carbon neutrality and respond to the climate change crisis by issuing about 2.7 trillion won in ESG bonds on a total of eight occasions, expanding the introduction of eco-friendly electric vehicles for business activities and launching products exclusively for excellent companies in ESG management.

In addition, Woori Bank announced on May 10 that it will spearhead a paper-saving campaign and hold an event to protect the environment and implement ESG management until June 30.

This event will apply to customers who receive WON Bankbook, a mobile bankbook of Woori Bank or convert paper bankbooks into mobile bankbooks.

Customers will be able to automatically sign up for the event by opening a new bank account at Woori WON Banking, a smartphone banking application of Woori Bank or converting Woori Bank paper bankbooks into digital WON bankbooks, or applying for a new WON bank account at offline branches.

Air purifiers, hair oils and mug mobile coupons will be given to selected customers who participated in the event. The prizewinners will be selected through lottery.

The bank will also give 5,000 won gift certificates to 500 people who pledged to reduce the use of paper and wrote about their own paper-saving know-how.

“We planned the campaign and event to inform people that they can easily participate in protecting the environment by using mobile bankbooks,” a Woori Bank official said.

“We hope that people will carry out the protection of the environment in their everyday lives by participating in this paper-saving campaign to reduce paper bankbooks.”

In the meantime, Woori Bank announced on May 3 that it will hold the Non-Face-to-Face Date with Woori WON Banking until the end of May to mark the family month of May in Korea.

This event will be held via Woori WON Banking, a mobile banking application of Woori Bank. It will apply to customers who purchased financial products or transferred more than 10,000 won by using Woori WON Banking.

A total of 9,500 people will receive 100,000-won department store gift certificates (5 people), neck and shoulder massagers (10 people), cake coupons (100 people) and Starbucks coffee coupons (9,385 people) through lottery.

Besides, Baskin Robbins ice cream coupons will be given to a total of 5,000 customers who sent love or thank-you message cards after transferring more than 10,000 won via WON Banking on Children’s Day (May 5), Parents’ Day (May 8), Coming-of-Age Day (May 17), and Married Couples’ Day (May 21). The bank will select them in a draw.

“We prepared the family month event in connection with our financial products for all family members from young people to senior citizens while reminding people of the importance of families in celebration of the family month,” a Woori Bank official said. “We will continue to create and hold events to give various benefits to our customers in the future.”