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Finance

Woori Financial joins government-led fund to support first-generation new town redevelopment

Woori Financial Group said on Wednesday that Woori Bank and Woori Asset Management will join the government-led Future City Fund as key partners to support redevelopment projects in first-generation new towns. The fund was created to meet redevelopment demand for about 530,000 households in Bundang, Ilsan, Pyeongchon, Sanbon and Jungdong. Woori Bank will invest 480 billion won in the first 600 billion won master fund and supply low-interest initial project financing.

Finance

KB Securities consortium named preferred bidder for Homeplus Yeongdeungpo store purchase

A consortium led by KB Securities was named the preferred bidder for the purchase of the Homeplus Yeongdeungpo store, it said on April 28. The consortium plans to establish a project financing investment vehicle in May and complete procedures for signing the main contract and paying the deposit. It then plans to raise a bridge loan in July to secure ownership and develop apartments on the site after approvals.

Finance

FSS orders risk controls for IMA, says investor protection must not be neglected

South Korea\'s Financial Supervisory Service called in major comprehensive investment firms and urged stronger risk management for note issuance and integrated investment accounts, as funding via the products has grown rapidly. It stressed tighter internal controls and liquidity management, and told firms to prepare for stress scenarios. The FSS also highlighted responses to overseas private loan funds, urging early monitoring of redemptions and losses and prompt investor guidance if limits arise.