Woori Financial to Inject Additional KRW 10 Trillion into Productive and Inclusive Finance, Vows Support for the Vulnerable

Woori Financial Group announced on June 21 that it will provide an additional KRW 10 trillion to its 'Future Co-Growth Project' aimed at promoting productive and inclusive finance, including KRW 9.4 trillion for productive finance and KRW 600 billion for inclusive finance.

On June 19, Woori Financial Group held the 'June Advanced Strategic Industry Finance Council' chaired by Chairman Lim Jongryong, with the CEOs of major affiliates in attendance, where they decided to expand measures for productive and inclusive finance. The total scale of Woori Financial Group's Future Co-Growth Project has also been expanded to KRW 90 trillion.

The pace of supply will also increase. Of the additional productive finance, KRW 5.7 trillion will be supplied this year, and KRW 3.7 trillion will be provided next year. Through this, the group plans to inject funds into the real economy and strengthen financial support for the regional economy, advanced strategic industries, and export companies.

For inclusive finance, the group will add KRW 2.3 trillion to the previously planned KRW 1.2 trillion for this year, supplying a total of KRW 3.5 trillion within the year. In the second half of this year, Woori Bank and Woori Card will each write off KRW 120 billion of long-term delinquent bonds.

In addition, banks, card companies, capital companies, and savings banks will provide a total of KRW 1.1 trillion in mid-rate loans, plus an additional KRW 300 billion in emergency living expense and refinancing loans, KRW 600 billion in loans for small business owners, and KRW 12 billion in Smile Finance loans.

During the council meeting, achievements of Woori Financial Group's inclusive finance products to date were also discussed. Woori Bank reported that, through the '7% annual interest rate cap on personal credit loans' introduced in January this year, it provided interest reduction benefits totaling approximately KRW 1.4 billion to about 46,000 customers by the end of May. Woori Savings Bank supplied KRW 118 billion in Saitdol loans as of the end of last month.

Woori Savings Bank supplied a cumulative total of approximately KRW 118 billion in Saitdol loans, a mid-rate policy loan, as of the end of May.

Lim Jongryong, Chairman of Woori Financial Group, said, "This increase in the targets for productive and inclusive finance is a promise to the market and our customers that Woori Financial Group will take greater responsibility in supporting the real economy and vulnerable groups."

He added, "Productive finance should be supplied quickly to ensure that funds needed for the real economy, such as advanced strategic industries and export companies, are provided in a timely manner, and inclusive finance must provide real help by resolving the loan cliff for borrowers with mid- to low-credit and supporting the recovery of vulnerable borrowers."

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