Woori Bank is expanding productive and inclusive finance, reducing interest payments for 35,000 customers through a personal credit loan interest rate cap in the first quarter and strengthening support for partner companies including small and medium-sized enterprises (SMEs). Major affiliates such as Woori Investment & Securities, Woori Savings Bank, Woori Capital and Woori Asset Management have also decided to accelerate the rollout of productive and inclusive finance, taking into account the serious domestic and international economic conditions.
Woori Financial Group held the "April Advanced Strategic Industry Finance Council" on the 17th of this month at the group's headquarters in Jung-gu, Seoul, chaired by Chairman Yim Jong-yong, the group said on the 20th. Woori Bank CEO Jung Jin-wan and chief executives of major affiliates participated to review first-quarter results and second-quarter tasks for productive and inclusive finance.
Woori Bank has strengthened support for partner companies including SMEs this year through agreements with large corporations and institutions such as the Korea Technology Finance Corporation and the Korea Trade Insurance Corporation. The bank is expanding the scope of its financial support by broadening productive finance sectors to cover national advanced strategic industries as a whole. Woori Investment & Securities executed 68.6 billion won ($49 million) in venture capital in areas including future mobility, aviation and aerospace, starting with Nuribaram No. 1. Woori Asset Management also invested 40 billion won ($29 million) in two mobility companies through a group joint fund.
The Woori Financial Research Institute is launching a "Policy Finance Utilization Forum" to strengthen productive finance capabilities. Officials from policy finance institutions and group working-level staff will participate to share ways to utilize policy finance and key points for business application.
In the inclusive finance area, Woori Bank reduced interest payments by 620 million won ($450,000) for 35,000 borrowers in the first quarter through the implementation of a 7 percent annual interest rate cap on personal credit loans. Woori Savings Bank also executed 149.1 billion won ($108 million) in inclusive finance funds.
"Productive and inclusive finance is Woori Financial's promise to the market and customers," Yim said. "Given the significant external shocks such as the Middle East war, please push forward with a sense of speed so that we do not miss the golden time for financial support before damage grows."
