Jinwan Jung of Woori Bank: "Water Infrastructure Is Critical After the War... Leading K-Finance in Eastern Europe with K-Water"

Securing Financial Opportunities in Postwar Water Infrastructure Projects for Korean SMEs
Supporting Reconstruction Financing for Korean Companies in Construction and Energy
"Poland Branch Next to Ukraine Will Be the Core of Our Global Strategy"

"The most urgent need after the war is water infrastructure. Our branch in Poland, located right next to Ukraine, is more than just a new overseas branch opening; it will serve as a central pillar of our long-term global strategy."

Jinwan Jung, President of Woori Bank, spoke to reporters in Milan, Italy, on the 4th (local time), where he was attending the Asian Development Bank (ADB) annual meeting. He stated, "We anticipated that the Russia-Ukraine war would end quickly, and have been preparing for this by signing a memorandum of understanding (MOU) with Korea Water Resources Corporation two years ago." He explained that if Korea Water Resources Corporation, which has secured postwar water infrastructure reconstruction contracts, enters the local market together with domestic small and medium-sized enterprises (SMEs) possessing relevant technology, Woori Bank's Poland branch will absorb the financial needs of these companies and seek new business opportunities. Jung added, "Unlike the traditional expansion into manufacturing, this is an advance into essential industries, so expectations are high," and said, "Based on this, Woori Bank will establish itself as a leading 'K-Finance' brand in the Eastern European financial market."

Jinwan Jung, President of Woori Bank, is speaking to reporters in Milan, Italy, where he visited on the 4th (local time) to attend the Asian Development Bank (ADB) annual meeting.

In March, Woori Bank became the first Korean bank to open a branch in Warsaw, the capital of Poland. This region is adjacent to Ukraine, where the war with Russia continues. Jung said, "After the war, whether building houses or establishing industrial complexes, water is essential. Not only for irrigation but also for producing food and beverages," and added, "Korea Water Resources Corporation, which is globally recognized for its advanced technology, will be in the spotlight for the proactive reconstruction of water infrastructure after the war. The corporation has already made extensive preparations on the ground."

Jung also noted, "The global competitiveness of Korea's water resources sector is due in large part to SMEs with relevant technology," and explained, "If these companies participate in postwar water infrastructure reconstruction projects together with Korea Water Resources Corporation, Woori Bank plans to expand its business by providing financial support to them." He also expressed expectations for financial support opportunities in various social overhead capital reconstruction projects where Korean companies can participate, such as construction of roads, bridges, railways, and airports, energy infrastructure projects like solar and wind power, and facilities for waste management.

Poland itself is also considered to have significant market competitiveness. Poland is regarded as a country within the European Union (EU) with a relatively high economic growth rate and a stable market environment. Financial demand continues to increase in line with the expansion of Korean conglomerates and mid-sized companies into Eastern Europe, based on manufacturing. As a geopolitical hub connecting Eastern and Western Europe, Poland is also seen as having strong potential to grow as a financial hub for Eastern Europe.

Poland has recorded an average economic growth rate of 2.8% over the past three years. Last year, its gross domestic product (GDP) reached $844.6 billion, and per capita GDP was $23,010, showing continued growth. From 2020 to August 2024, Korea's total investment in Poland amounted to $6.1 billion. The entry of Korean companies is ongoing. Local subsidiaries have been established by many companies, including defense firms such as Hanwha Aerospace, Hyundai Rotem, and Korea Aerospace Industries (KAI), as well as Samsung Electronics, LG Electronics, Hyundai Motor, and Kia. Accordingly, demand for financial services for domestic companies is also increasing. The need for domestic bank branches to support these companies has grown as well.

Jung expressed optimism, saying, "As the capital, Warsaw serves as the political, economic, and financial center, so we will be able to secure a customer base throughout Poland." Woori Bank, recognizing the growth potential of the Polish market early on, established an office in Katowice, a southwestern industrial city with a large number of Korean corporate subsidiaries, in 2017 to focus on field-oriented operations.

Jung also expects the Poland branch to serve as a strategic base not only for Ukraine reconstruction projects but also for expanding business throughout Eastern Europe. He said, "After Ukraine, it will be necessary to have a base for synergy with Eastern Europe," and emphasized, "In the future, we will strengthen financial service support not only for Poland but also for the development of eastern regions such as the Czech Republic, Hungary, and Romania."