Early Next Year Launch of Woori Financial F&I
[Asia Economy Reporter Jin-ho Kim] Woori Financial Group announced on the 16th that its non-performing loan (NPL) investment specialist company, 'Woori Financial F&I,' will be launched in January next year. Woori Financial held a board meeting on the 19th of last month and resolved the agenda.
Since establishing the holding company in 2019, Woori Financial Group has expanded its non-bank portfolio, including asset management, real estate trust, capital, and savings banks, building a comprehensive financial group system.
In particular, in November, it obtained approval for the internal ratings-based approach, securing a foundation for full-scale mergers and acquisitions (M&A). Recently, it also achieved the long-cherished goal of complete privatization.
Woori Financial Group led the growth of the domestic NPL market by managing an NPL company as a subsidiary for 14 years from 2001 to 2014. Additionally, Woori Credit Service, currently part of the group, is engaged in NPL investment, providing a foundation for the new company to quickly settle in the NPL market.
A Woori Financial Group official explained, "We have been promoting the establishment of an NPL investment specialist company in preparation for the possibility of the NPL market expanding gradually after the COVID-19 crisis," adding, "The newly launched Woori Financial F&I will establish itself in the market in a short period."
He continued, "We will continue to strengthen the group’s competitiveness by expanding the non-bank portfolio, including securities, insurance, and venture capital, striving to enhance corporate value and shareholder value."
Meanwhile, Woori Financial Group held a subsidiary CEO candidate recommendation committee on the same day and recommended Vice President Choi Dong-su of Woori Financial Holdings as the final candidate for CEO of Woori Financial F&I.
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