Chairman Lim Jong-ryong calls for funds to reach customers 'on time'

Woori Financial Group held its September Advanced Strategic Industry Finance Council meeting at its headquarters in Jung-gu, Seoul, on Wednesday, chaired by Chairman Lim Jong-ryong (center). [Woori Financial Group]
Woori Financial Group held its September Advanced Strategic Industry Finance Council meeting at its headquarters in Jung-gu, Seoul, on Wednesday, chaired by Chairman Lim Jong-ryong (center). [Woori Financial Group]

Woori Financial Group has surpassed its annual productive-finance supply target, driven by Chairman Lim Jong-ryong's "Future Co-growth Project" and an aggressive push to meet corporate funding demand. The group also completed roughly 2.2 trillion won ($1.61 billion) in inclusive finance supply through retail financial products.

According to Woori Financial Group, Lim chaired the September Advanced Strategic Industry Finance Council on Wednesday and stressed that the group must now broaden its support to regional businesses and small and medium-sized enterprises with proven technological capabilities, building on its productive-finance track record.

He went on to say that inclusive finance efforts should also be pursued with sincerity and urgency, so that customers facing economic hardship can receive the funds they need on time.

Through August, Woori Financial Group channeled a total of 25.3 trillion won into productive finance — comprising 1.5 trillion won in investment and 23.8 trillion won in loans.

The figure represents 35.7 percent of the five-year target under the "Future Co-growth Project" productive-finance pillar and 116.3 percent of this year's annual goal.

On the investment side, the group has been expanding funding tailored to each stage of corporate growth through participation in the National Growth Fund and the supply of venture capital.

A 220 billion won CJ 4DFlex Project Fund sourced by Woori Bank received final approval from the National Growth Fund's investment management review committee last month — the first approval secured through the Financial Services Commission's growth-company discovery consultative body.

The National Growth Fund is set to contribute 50 billion won and Woori Financial Group to participate with 65 billion won in October, with fund formation and deployment imminent.

Woori Investment Securities supplied 365.1 billion won in venture capital through August, exceeding its original target by 180 percent, and has been expanding funding for advanced strategic industries and innovative growth companies, contributing to the revitalization of private venture capital and broader productive-finance investment.

Of 75 AI transformation tasks tied to productive finance, Woori Financial Group has completed development on 13 — covering credit screening, risk management and corporate sales support — as it pursues operational innovation aligned with the productive-finance overhaul and works toward more systematic and efficient financial support.

Inclusive finance disbursements through August totaled 2.2 trillion won, comprising 950 billion won in retail finance, 790 billion won in mid-rate loans and 430 billion won in small-business loans, among other items.

Woori Bank's personal credit loan annual 7 percent interest rate cap program provided interest-reduction benefits totaling 3 billion won to about 75,000 customers through the end of August.

The "Woori WON Dream Living Expense Loan" — which provides emergency living funds to financially underserved groups including freelancers, homemakers and non-wage workers — disbursed a total of 55.5 billion won to 7,200 people through the end of August.

Woori Bank wrote off 42.4 billion won in long-overdue debt in the first half of the year, helping 2,387 people get back on their feet, and plans to write off an additional 120 billion won by the end of September. Woori Card also plans to write off about 120 billion won, bringing the group-wide total to 280 billion won.

Woori Miso Microfinance Foundation has also been stepping up retail finance supply and strengthening community outreach, disbursing a total of 10.2 billion won to 1,303 people through August.

Financial regulators are preparing liability-exemption measures to encourage productive-finance activity across the financial sector. The industry had previously asked the government to extend the same exemptions applied to the National Growth Fund to other policy funds as well.


hyuk@heraldcorp.com