Woori Bank Hong Kong IB Corporation Obtains S&P International Credit Rating 'A'

[Asia Economy Reporter Kim Hyo-jin] Woori Bank announced on the 7th that its Hong Kong IB subsidiary, Hong Kong Woori Investment Bank, received an international credit rating of 'A (Positive)' from S&P, one of the world's top three credit rating agencies. This is the sixth highest rating among long-term credit ratings.

Hong Kong Woori Investment Bank, the only overseas IB platform and securities license holder within Woori Financial Group, is recognized for providing financial products such as overseas alternative investments to Woori Financial and serving as a key subsidiary of Woori Bank in Hong Kong, an international financial hub.

Hong Kong Woori Investment Bank, a 100% subsidiary of Woori Bank's IB Group, recorded its highest operating revenue since its establishment in 2006 in 2019, achieving a pre-tax return on equity of 6.7% and an average return on assets of 1.3%, contributing to the increased global profitability of Woori Bank. Additionally, it ranked first for two consecutive years in 2018 and 2019 in underwriting overseas bond issuance by Korean companies (based on issuance amount), aiding Korean companies in raising funds abroad.

Kang Shin-guk, Executive Director of Woori Bank IB Group, said, "Hong Kong Woori Investment Bank is the first overseas branch of a commercial bank in Hong Kong to receive an S&P international rating, which is the result of proactive sales based on IB expertise." He added, "We expect that obtaining this rating will serve as an opportunity to activate global IB operations such as financial underwriting for high-quality businesses, and that diversifying funding channels through issuing our own bonds will reduce funding costs."