At the opening ceremony of the North Jeolla Woori WON Financial Town held Wednesday at Jeonbuk Innovation City, from left: Choi Seung-jae, CEO of Woori Asset Management; Jeong Jin-wan, president of Woori Bank; Kim Seong-ju, chairman of the National Pension Service; Lim Jong-ryong, chairman of Woori Financial Group; Lee Won-taek, governor of North Jeolla Province; Jo Ji-hun, mayor of Jeonju; and Yoo Hee-tae, mayor of Wanju-gun, take part in a ribbon-cutting ceremony. [Woori Financial Group]
At the opening ceremony of the North Jeolla Woori WON Financial Town held Wednesday at Jeonbuk Innovation City, from left: Choi Seung-jae, CEO of Woori Asset Management; Jeong Jin-wan, president of Woori Bank; Kim Seong-ju, chairman of the National Pension Service; Lim Jong-ryong, chairman of Woori Financial Group; Lee Won-taek, governor of North Jeolla Province; Jo Ji-hun, mayor of Jeonju; and Yoo Hee-tae, mayor of Wanju-gun, take part in a ribbon-cutting ceremony. [Woori Financial Group]

Woori Financial Group opened the "Woori WON Financial Town" in Jeonbuk Innovation City in North Jeolla Province, the group announced Thursday. The facility brings together key subsidiaries under one roof to deepen the group's strategic partnership with the National Pension Service while channeling productive financing to the surrounding region.

Woori Financial Group opened the North Jeolla Woori WON Financial Town on Wednesday at Jeonbuk Innovation City, home to the National Pension Service. The inauguration ceremony was attended by North Jeolla Province Governor Lee Won-taek, National Pension Service Chairman Kim Seong-ju, Jeonju Mayor Jo Ji-hun, Wanju-gun Mayor Yoo Hee-tae and Woori Financial Group Chairman Lim Jong-ryong.

The opening follows a plan Woori Financial Group announced in February to strengthen its infrastructure in support of North Jeolla Province's ambitions to become a financial hub. The group intends to deploy key subsidiaries — including Woori Asset Management, Woori Bank, the Woori Miso Finance Foundation and Goodwill Store — at the new facility to underpin that goal.

Jeonbuk Innovation City has been establishing itself as a new growth center for South Korea's capital markets and financial industry, drawing domestic and international asset managers and financial institutions around the National Pension Service, one of the world's three largest pension funds. Woori Financial Group plans to expand its capital market infrastructure and further strengthen its strategic partnership with the National Pension Service in step with that trend.

Woori Asset Management, the group's core capital markets subsidiary, will use its newly opened Jeonju office inside the Woori WON Financial Town as a base to strengthen communication with the National Pension Service and build out its local network through locally hired specialists. The subsidiary also plans to run a youth internship program for university students in North Jeolla Province, giving them hands-on experience in capital markets and helping cultivate financial talent in the region.

Woori Bank has co-located its National Pension Fund Client Division and Asset Custody Division at the new facility. Drawing on the expertise and experience accumulated as the National Pension Service's primary bank since 2018, the bank will further enhance its pension fund financial services and upgrade its support framework for the National Pension Service.

Woori Bank and the National Pension Service signed a foreign currency depository bank agreement on July 14. Starting Saturday, Woori Bank will handle foreign exchange transactions and foreign currency account management related to the National Pension Service's overseas investments for a three-year term. The arrangement effectively extends a relationship that began with the first such contract in 2014 to nearly 15 years. The bank's selection was attributed to its wide-ranging support efforts, including AI-powered workflow automation across 16 dedicated departments.

The group is also strengthening productive financing and innovation startup support for small and medium-sized enterprises and small business owners in North Jeolla Province. Woori Bank will establish a new corporate banking channel, the NPS Jeonbuk BIZ Prime Center, to provide focused support for advanced strategic industries and related companies in the region. The bank plans to supply about 1.6 trillion won ($1.09 billion) in corporate financing to North Jeolla Province by 2030.

In addition, the group plans to use its venture startup support program DINNOLab to identify and nurture promising startups in North Jeolla Province, and to step up productive financing through investment support linked to its in-house DINNOLab Fund.

The Woori Miso Finance Foundation will open a Jeonju branch to improve microfinance access for vulnerable groups in North Jeolla Province and expand financial support. Small business owners and young entrepreneurs who have faithfully repaid their microfinance loans will also receive business promotion assistance, operational supplies and grants to help them build a foundation for self-sufficiency.

"The North Jeolla Woori WON Financial Town is a starting point for Woori Financial Group, North Jeolla Province and Jeonju to grow together, centered on the National Pension Service," Chairman Lim said. "We will continue to solidify our role as the National Pension Service's primary bank and redouble our efforts to help local small and medium-sized enterprises, small business owners and startups thrive."


hyuk@heraldcorp.com