Woori Financial Group Issues New Hybrid Capital Securities Worth 210 Billion KRW

[Asia Economy Reporter Hwang Yoon-joo] Woori Financial Group announced on the 24th that it will issue 210 billion KRW worth of amortizing contingent convertible bonds (hybrid capital securities).

Woori Financial Group stated, "Although the bond maturity is perpetual, there is a call option at 5 or 10 years," and added, "After the option date, early redemption is possible every interest (dividend) payment date (every 3 months) only if the issuing company obtains prior approval from the Financial Supervisory Service Commissioner."

It further explained, "The purpose of the fund raising is to enhance the BIS capital adequacy ratio by expanding other Tier 1 capital, and the raised funds will be used for operating expenses and other purposes."