Woori Financial Group Chairman Son Stresses Quantitative and Qualitative Growth of Non-Banking Sector

On hand in a ceremony held in honor of moves into Gangnam Tower on October 6 are Woori Financial Group Chairman Son Tae-seung (center), Lee Chang-ha (first from left) and Lee Chang-jae (second from left), co-chairmen of Woori Asset Trust), Park Kyoung-hoon (fourth from left), CEO of Woori Financial Capital and Shin Myung-hyuk (fifth from left), CEO of Woori Savings Bank. (Photo: Woori Financial Group)

Woori Financial Group announced on Oct. 6 that Woori Savings Bank, Woori Asset Trust and Woori Financial Capital had moved to Gangnam Tower, Woori Financial Group’s new headquarters building.

With the three subsidiaries’ move to the building, Woori Financial Group will boost corporate value by further strengthen cooperation between its banking and non-banking subsidiaries, and generating maximum synergies for the group.

Son Tae-seung, chairman of Woori Financial Group, visited Gangnam Tower on Oct. 5 with the heads of Woori Savings Bank, Woori Asset Trust and Woori Financial Capital, and encouraged executives and employees of the subsidiaries.

Chairman Son presided over a competitiveness enhancement meeting with key executives of the subsidiaries.

“The group system has been firmly established despite difficult business conditions over the past three years since its foundation,” Chairman Son said.

“Next year, the fourth year of the group, we will expand our non-banking portfolio and sharpen the competitiveness of our non-banking subsidiaries at the same time to make the non-banking sector a strong growth driver for the group,” Son added.

“Woori Financial Group achieved an impressive earnings rebound in the first half of this year,” a Woori Financial Group official said. “Korea Deposit Insurance Corp. recently announced that it will sell a 10-percent stake in Woori Financial Group.

Accordingly, a countdown began for the privatization of Woori Financial Group. We will actively strengthen the group’s non-banking sector through M&As or a capital increase based on solid business performance and successful privatization in the future.”

14 Startups Selected to Receive Support

Woori Financial Group announced on Sept. 17 that it has selected 14 companies which will participate in its start-up cooperation program “Digital Innovation Lab.”

A total of 208 startups applied for the program, but only the 14 startups were selected. A review and assessment was conducted by 11 internal and external experts, including Woori Financial Group employees and those from venture capital and IT companies.

Woori Financial Group selected the 14 successful applicants in five areas. The group plans to collaborate with the startups in various areas such as AI, ESG management, mobility, digital innovation/platform and healthcare.

The selected companies will steadily receive a wide array of support - independent office spaces, financial IT training by Woori Financial Group IT specialists, educational programs by external experts such as those from venture capital firms, tax accountants and professional marketers, investment attraction and commercialization, an advancement into South Asian countries via Digital Innovation Lab Vietnam and business cooperation with Woori Financial Group subsidiaries.

They will be able to exclusively use the 2nd Digital Innovation Lab Center, a five-story building with a total floor space of 890 square meters in Sillim-dong, Gwanak-gu of Seoul. The newly built building boasts independent office space, a large seminar room and a rooftop lounge.

Blood Donation Drive

Woori Financial Group announced on Oct. 14 that it delivered 500 blood donation certificates to the Korea Childhood Leukemia Foundation in Seongbuk-gu, Seoul with the attendance of Choi Dong-su, vice president of Woori Financial Group and Seo Sun-won, secretary-general of the Korea Childhood Leukemia Foundation.

Woori Financial Group carried out the Blood Donation Drive for Love for two months from June to ease the problem of blood shortages caused by the prolonged COVID-19.

All employees of the group and its affiliates took part in the blood donation drive by visiting blood donation centers or buses.

The 500 blood donation certificates collected through Woori Financial Group employees’ voluntary blood donations will be used for pediatric patients suffering from pediatric cancer and rare and intractable diseases.

The Blood Donation Drive marks its 16th anniversary this year. The heartwarming event has been held every year since Woori Bank and the Korean Red Cross signed a blood donation agreement in 2006.

The blood donation certificates are used to help child patients fight rare incurable diseases such as leukemia and childhood cancer.