Latest news with #Woori
Korea Herald
22-05-2025
- Business
- Korea Herald
Woori Financial chief heads to Asia roadshow with post-M&A plan
Woori Financial Group Chairman Yim Jong-yong will embark on a five-day investor relations trip to Asian countries, marking his first solo overseas IR initiative since taking office in March 2023. From May 26 to 30, Yim will visit Indonesia and Hong Kong to outline his strategy for expanding group value following the acquisitions of Tongyang Life Insurance and ABL Life Insurance from China's Dajia for a total of approximately 1.54 trillion won ($1.1 billion). Yim will begin the trip in Indonesia, visiting Bank Woori Saudara, a local subsidiary with 31 branches and 130 offices alongside Woori Card to review performance and encourage staff. Bank Woori Saudara reported a net profit of 13.5 billion won in the first quarter. From May 28 to 30, Yim will host IR meetings in Hong Kong with major shareholders and institutional investors. The agenda includes plans to strengthen synergies across banking, insurance and securities arms, reduce Woori Bank's dominant share of group earnings, and share updated shareholder return policies and risk management frameworks. With regulatory approval now in place for Tongyang Life and ABL Life, Yim is expected to present Woori's roadmap to evolving into a comprehensive financial services provider. He will also address investor questions on the macroeconomic outlook in Korea and its implications for the group. This trip marks Lim's first in-person overseas IR event since joint appearances in London and the Middle East in late 2023. A Woori official said that foreign ownership of the group rose by over 8 percentage points last year. As of Tuesday, foreign shareholding stood at 45.2 percent, up from 37.96 percent at the end of 2023.
Korea Herald
14-05-2025
- Business
- Korea Herald
Woori mulls selling Seoul landmark to secure cash
Woori Financial Group is considering selling several core real estate assets, including the landmark Woori Financial Digital Tower in central Seoul, as it looks to raise capital for subsidiary acquisitions and improve its financial footing. The banking group is reviewing a potential sale of the 22-story building, located on a 2,247-square-meter plot across from its headquarters in Hoehyeon-dong, Jung-gu — one of Seoul's busiest commercial zones north of the Han River — according to industry sources on Wednesday. A Woori official confirmed the move, saying the sale is among several options under review to improve asset efficiency and secure capital for expansion. Woori acquired the building in July 2019 for about 210 billion won ($148.2 million). While no official valuation has been disclosed, its value is estimated to exceed 300 billion won, based on office pricing in the Central Business District, which is assessed by industry watchers at over 30 million won per 3.3 square meters. The tower currently houses the group's digital business units and affiliates, with a sale-and-leaseback arrangement among the options under consideration, the official added. The group also seeks to sell its corporate training center in Anseong, Gyeonggi Province. The facility was valued at approximately 34 billion won earlier this year. In addition, more than a dozen vacant bank branches in Seoul and other regions have been put up for public auction, with a combined minimum value of about 224 billion won. Woori's large-scale real estate divestment comes as the group pushes deeper into the insurance sector. Last August, it signed a deal to acquire a 75 percent stake in Tongyang Life Insurance and full ownership of ABL Life Insurance for a combined 1.5 trillion won. On May 2, the Financial Services Commission granted final approval to incorporate the two insurers as subsidiaries, conditional on the group significantly strengthening its financial soundness and internal controls. Woori aims to raise its Common Equity Tier 1 ratio — a key measure of capital adequacy — as it continues to trail peers. Its CET1 ratio stood at 12.42 percent at end-March, up from 12.08 percent at the end of 2024, but still below the 13-percent level maintained by Korea's three other major financial groups. The group is targeting a CET1 ratio above 13 percent by 2027, the deadline set by regulators as part of the conditional approval.
Korea Herald
09-04-2025
- Business
- Korea Herald
Polish lawyer rediscovers Korean heritage at Woori Bank
At Woori Bank's first Warsaw branch, deputy manager Mateusz Ordyk brings his Korean roots to the forefront of the leander's European growth Mateusz Ordyk brings more than just executive expertise to South Korean lender Woori Bank's new chapter in Poland — he carries a personal history that bridges two nations. 'I was born in Poland, but my roots trace back to Korea,' Ordyk said. 'I hope to serve as a bridge that brings the two countries closer together.' Ordyk, a lawyer-turned-banking executive, joined Woori Bank's newly opened Warsaw branch as deputy branch manager, taking charge of compliance and overseeing the bank's internal controls, including anti-money laundering efforts. The Korean lender launched the branch on March 31, becoming the first Korean bank to establish operations in Poland. Ordyk's presence adds symbolic weight to Woori Bank's expansion into the country as a descendant of a Korean family with deep historical ties. His great-grandfather, Kim Byeong-jun, served as a police officer during the Korean Empire, the country's final monarchy era, which lasted from 1897 until 1910. Historical records show that in December 1897, King Gojong appointed Kim to a "Senior Rank 3" at the police department — a commissioner-level position of considerable authority over national security and law enforcement. Following Japan's annexation of Korea in 1910, Kim was among many Koreans who left the country, eventually settling in Russia. His descendants later spread across Europe, with his great-grandson, Ordyk, born in Poland in 1978. Ordyk's connection to Woori is all the more meaningful, given the bank's origins. Woori traces its roots back to the Commercial Bank of Korea, the country's first-ever bank, founded in 1899 by King Gojong. The king personally financed the bank's launch as part of efforts to modernize Korea's economy and support local merchants. During the Korean Empire, the bank also served as the country's central bank. Surviving Japan's colonial rule and Korea's turbulent post-war years in various forms, the Commercial Bank of Korea ultimately became the predecessor to Hanvit Bank, established in 1999. Hanvit was later rebranded as Woori Bank in 2002. Today, Woori officially marks January 30, 1899 — the founding date of the Commercial Bank of Korea — as its beginning. "I grew up hearing stories about Korea. It means so much to now be able to work for a Korean bank that represents that heritage," Ordyk said. Woori Bank's Warsaw branch is expected to serve as a key base for the Korean lender's European expansion, overseeing operations across Eastern Europe. The branch aims to support Korean companies operating in the region, as more firms turn to Poland amid its growing role as Europe's manufacturing hub and gateway to the East. "It's especially meaningful to uncover this historical connection in a year that marks the 80th anniversary of Korea's independence, as Woori Bank steps up efforts to expand its presence across Europe," said Lee Jung-woo, manager of the Warsaw branch. "We look forward to Ordyk's role in deepening ties between Korea and Poland."
Korea Herald
09-04-2025
- Business
- Korea Herald
Polish lawyer rediscovers Korean heritage at Woori Bank's first Warsaw branch
Mateusz Ordyk connects Korean roots with Woori Bank's European expansion Mateusz Ordyk brings more than just executive expertise to South Korean lender Woori Bank's new chapter in Poland — he carries a personal history that bridges two nations. 'I was born in Poland, but my roots trace back to Korea,' Ordyk said. 'I hope to serve as a bridge that brings the two countries closer together.' Ordyk, a lawyer-turned-banking executive, joined Woori Bank's newly opened Warsaw branch as deputy branch manager, taking charge of compliance and overseeing the bank's internal controls, including anti-money laundering efforts. The Korean lender launched the branch on March 31, becoming the first Korean bank to establish operations in Poland. Ordyk's presence adds symbolic weight to Woori Bank's expansion into the country as a descendant of a Korean family with deep historical ties. His great-grandfather, Kim Byeong-jun, served as a police officer during the Korean Empire, the country's final monarchy era, which lasted from 1897 until 1910. Historical records show that in December 1897, King Gojong appointed Kim to a "Senior Rank 3" at the police department — a commissioner-level position of considerable authority over national security and law enforcement. Following Japan's annexation of Korea in 1910, Kim was among many Koreans who left the country, eventually settling in Russia. His descendants later spread across Europe, with his great-grandson, Ordyk, born in Poland in 1978. Ordyk's connection to Woori is all the more meaningful, given the bank's origins. Woori traces its roots back to the Commercial Bank of Korea, the country's first-ever bank, founded in 1899 by King Gojong. The king personally financed the bank's launch as part of efforts to modernize Korea's economy and support local merchants. During the Korean Empire, the bank also served as the country's central bank. Surviving Japan's colonial rule and Korea's turbulent post-war years in various forms, the Commercial Bank of Korea ultimately became the predecessor to Hanvit Bank, established in 1999. Hanvit was later rebranded as Woori Bank in 2002. Today, Woori officially marks January 30, 1899 — the founding date of the Commercial Bank of Korea — as its beginning. "I grew up hearing stories about Korea. It means so much to now be able to work for a Korean bank that represents that heritage," Ordyk said. Woori Bank's Warsaw branch is expected to serve as a key base for the Korean lender's European expansion, overseeing operations across Eastern Europe. The branch aims to support Korean companies operating in the region, as more firms turn to Poland amid its growing role as Europe's manufacturing hub and gateway to the East. "It's especially meaningful to uncover this historical connection in a year that marks the 80th anniversary of Korea's independence, as Woori Bank steps up efforts to expand its presence across Europe," said Lee Jung-woo, manager of the Warsaw branch. "We look forward to Ordyk's role in deepening ties between Korea and Poland."
