Emergency Support for Export and Domestic Companies
Active Liquidity Supply to Oil and Raw Material Importers
Re-examination of Information Security Systems
On the 22nd, Woori Financial Group announced that it held an 'emergency review meeting on the Middle East situation,' presided over by Chairman Im Jongryong, to assess the impact of the U.S. attack on Iranian nuclear facilities on domestic and international economic and financial markets and to devise response measures.
The meeting was attended by Chairman Im Jongryong, Jeong Jinwan, President of Woori Bank, Park Junghoon, CEO of Woori Financial Management Research Institute, and all executives in charge of strategy, finance, risk, and IT at the holding company.
Chairman Im stated, "Based on past experience, the domestic financial and foreign exchange markets may react sensitively, such as a rise in the won-dollar exchange rate and a decline in stock indices," and urged, "Please keep a close watch on market conditions and calmly focus on your respective duties."
At the meeting, Chairman Im requested real-time monitoring of market conditions in response to rapid fluctuations in exchange rates and capital markets, and called for frequent checks on the group’s liquidity, asset soundness, and capital ratios. He also instructed the team to thoroughly understand the government’s response measures and to cooperate promptly and without delay in areas where financial companies are required to assist.
He also asked for a thorough understanding of the situation of client companies through corporate RMs. This means fulfilling the role of supplying funds to the real economy, such as providing emergency support to export and domestic companies experiencing temporary funding difficulties. Accordingly, the group plans to implement flexible financial support measures, such as extending the maturity of export payments. In particular, it intends to actively provide liquidity support to oil and raw material importers as needed.
In addition, he called for all affiliates, including banks, to hold additional review meetings to establish a solid crisis response system and to conduct proactive IR activities to communicate with the market and reassure domestic and international investors.
He also requested efforts to ensure IT stability and to re-examine the information security system, especially to prevent any blind spots. Woori Financial Management Research Institute plans to closely monitor and continuously disseminate overall domestic and international developments, including market trends and foreign media reports.
Meanwhile, Woori Bank will also hold an additional emergency executive meeting at 8:30 a.m. on the 23rd, presided over by President Jeong Jinwan, to share the situation and establish response measures. In particular, corporate RMs nationwide will immediately begin on-site inspections and assess funding needs for export and import companies.
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