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Woori strategizes, reaches out to investors over martial law market fallout

Published: 16 Dec. 2024, 18:16 Updated: 16 Dec. 2024, 18:25

SHIN HA-NEE
[email protected]

Woori Bank headquarters building in Jung District, central Seoul [WOORI FINANCIAL GROUP]

Woori Financial Group, like other major banking groups in Korea, remains on high alert despite the mitigation of short-term uncertainties with the passage of the impeachment motion against President Yoon Suk Yeol over the weekend.

Woori held an emergency meeting chaired by Chairman Yim Jong-yong at 8 a.m. on Monday to monitor the market situation following the recent developments, according to the firm.

“Financial authorities are closely monitoring the market situation and working to minimize uncertainties following the passage of the impeachment motion,” said Yim during the meeting, calling on employees to “actively devise countermeasures to address the situation, and closely manage relevant indicators.”

The chairman put an emphasis on retaining stable liquidity, fiscal soundness and capital adequacy levels.

“Stay alert to the current crisis and closely manage the situation with a heightened level of urgency akin to an emergency mode for the time being,” said Yim.

Woori Financial Group sent out a letter to 160 foreign investors on Dec. 11, reassuring them that the firm is stably managing key indicators including capital adequacy and is well-prepared to address potential risks and uncertainties amid political turmoil and high foreign exchange rates.

KB Financial Group also held an emergency meeting on Sunday with Chairman Yang Jong-hee in attendance. The firm has been operating an emergency monitoring team following Yoon’s martial law declaration on Dec. 3.

Shinhan Financial Group Chairman Jin Ok-dong chaired an emergency risk management meeting on Saturday following the passage of the impeachment motion. This marked the third meeting following the previous ones on Dec. 4 and Dec. 7.

Hana Financial Group Chairman Ham Young-joo chaired a monitoring meeting on Saturday afternoon to discuss countermeasures to stably manage key indicators. Hana has been operating a consultation body led by finance and risk-management executives since Dec. 4 as well.

BY SHIN HA-NEE [[email protected]]