The Only Official Meeting Held Among Korean Financial Groups
Im Jongryong, Chairman of Woori Financial Group, and Ilang Goudfain, President of the Inter-American Development Bank (IDB), held a meeting on the 27th and took a commemorative photo. Woori Financial Group
Woori Financial Group announced on October 29 that Chairman Im Jongryong held a meeting with Ilang Goudfain, President of the Inter-American Development Bank (IDB), at the group's headquarters in Jung-gu, Seoul, where they discussed strengthening global financial cooperation and expanding future-oriented investments. President Ilang's official meeting with Woori Financial Group was the only such engagement scheduled among domestic financial groups.
The IDB, established in 1959 to promote economic and social development in Latin America and the Caribbean, is a multilateral development bank comprising 48 member countries and is headquartered in Washington, D.C., United States. President Ilang and his delegation visited Korea to mark the 20th anniversary of Korea's membership in the IDB. Among domestic financial groups, Woori Financial Group was the only one to have an official meeting with the IDB delegation.
The two sides exchanged in-depth views on three main topics: cooperation on ESG and green finance, participation in the Trade Finance Facilitation Program (TFFP), and support for Woori Financial Group's expansion into Latin America.
First, the IDB proposed participation in a joint lending program (B-Loan*) for infrastructure and green finance in Latin America. Woori Financial Group agreed to consider developing this proposal as a model for entering the ESG finance sector.
They also discussed supporting trade finance between Korea and Latin America through participation in the Trade Finance Facilitation Program (TFFP), which is backed by IDB guarantees. Woori Financial Group is actively considering joining the TFFP and plans to expand its investment banking business in Latin America and global financial cooperation based on ESG in partnership with the IDB.
Chairman Im stated, "The IDB is a leading international financial institution representing Latin America and is an important partner for expanding Woori Financial Group's global cooperation network. We are currently making active investments in the region through our Brazilian subsidiary and New York and Los Angeles branches, and we will continue to strengthen cooperation in various areas such as ESG, trade finance, and investment banking."
President Ilang Goudfain responded, "Woori Financial Group is a reliable key partner in the Asian financial market. We look forward to cooperation in a variety of areas, including ESG, investment banking, and global finance, leveraging the IDB's expertise and network."
Woori Financial Group plans to use this meeting as an opportunity to establish a practical cooperation system with the IDB, including forming a joint team, and to further strengthen its position in the international financial market by expanding global investment and financial support.
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