Woori Bank Strengthens ESG Financial Cooperation with POSCO Construction

Financial Sector Cooperation in Payment Guarantees and PF for ESG Construction Projects Related to Renewable and Eco-friendly Energy

Kwon Kwang-seok, President of Woori Bank (right), and Han Sung-hee, CEO of POSCO Construction, are posing for a commemorative photo after signing a strategic business agreement to promote ESG (Environmental, Social, and Governance) projects.

[Asia Economy Reporter Kwangho Lee] Woori Bank announced on the 4th that it has signed a business agreement with POSCO Construction, an affiliate of the POSCO Group, to practice corporate social responsibility and develop financial business models related to ESG (Environment, Social, Governance).

Through this business agreement, the two companies plan to strengthen cooperation in the financial sector, including payment guarantees and project financing (PF), for ESG-related construction projects in renewable and eco-friendly energy such as solar and wind power.

They also plan to support the issuance of ESG bonds to expand eco-friendly infrastructure and mutually cooperate to achieve co-growth in new digital business fields through digital convergence partnerships between finance and construction.

Kwon Kwang-seok, CEO of Woori Bank, said, "By signing an agreement with a construction company for the first time in the banking sector, we have strengthened corporate social responsibility and ESG-centered management." He added, "We will actively expand support projects to revitalize the ESG financial ecosystem, including cooperation in renewable energy development projects."

Meanwhile, Woori Financial Group established dedicated ESG departments in its holding company and bank in December last year, and in January this year, it set up the 'Group ESG Management Council' to strengthen ESG management activities among group companies, thereby solidifying the group's ESG governance system.