Woori Financial Group supplied 34.7 trillion won in productive and inclusive finance over a year through its 'Future Shared Growth Project' launched in September last year. It expanded funding to small and medium-sized firms and regional areas, while also increasing support for vulnerable groups through measures such as people’s finance and write-offs of long-overdue debt.

Woori Financial said on Oct. 21 that it held the 'October Advanced Strategic Industry Finance Council' at its headquarters in Jung-gu, Seoul, on Oct. 20, chaired by Woori Financial Group Chairman Lim Jong-ryong (임종룡), with chief executives of major affiliates in attendance, and reviewed results in productive and inclusive finance and plans for next year.

Woori Financial announced the Future Shared Growth Project in September last year and decided to supply 80 trillion won in productive and inclusive finance over five years. In June, it added 10 trillion won, including 9.4 trillion won in productive finance and 600 billion won in inclusive finance, raising the overall target to 90 trillion won.

Over the year since the project began, it supplied 33.3 trillion won in productive finance and 1.4 trillion won in inclusive finance, for a total of 34.7 trillion won. That is 38.5 percent of the five-year target. Quarterly supply also rose to 11.5 trillion won in the third quarter of this year from 4.5 trillion won in the fourth quarter of last year.

In the lending segment of productive finance, the group supplied 27.2 trillion won from January to September this year, exceeding its annual target of 18.4 trillion won.

Of that, Woori Bank supplied 26.6 trillion won, with more than half, 13.4 trillion won, supporting small and medium-sized companies. It supplied 5.1 trillion won to small and medium-sized companies based in regional areas.

In the investment segment, it executed 1.9 trillion won from January to September this year. Linked to the National Growth Fund, it invested more than 500 billion won this year in projects including the Sinan Ui offshore wind farm, Samsung Electronics' Pyeongtaek semiconductor facility and AI semiconductor company Rebellion. It also has about 600 billion won in projects where additional commitments have been completed, with execution ahead.

The group’s joint fund overseen by Woori Asset Management invested 177.7 billion won by September out of this year’s 200 billion won target, in eight companies including secondary batteries and mobility.

Woori Investment & Securities supplied a total of 466.1 billion won in venture capital, including 100 billion won for acquiring privately placed bonds issued by a solar power company. It is also expanding investment areas to AI, biotech and defence.

It is also pushing a group joint investment in non-capital-area AI centres. Under the structure, Woori Bank arranges finance, Woori Investment & Securities and Woori Financial Capital supply senior funds, and Woori Asset Management and Woori Asset Trust handle asset management and collateral trust.

It also expanded inclusive finance. Woori Financial decided in June to supply 3.5 trillion won this year, including mid-rate and small business loans and write-offs of long-overdue debt, and executed 2.8 trillion won by September.

Woori Bank supplied 652 billion won in Saehopeang Holssi loans from January to September this year. Through a 7 percent annual interest-rate cap on personal credit loans, about 90,000 people received a total of 3.7 billion won in interest relief benefits.

The 'WooriWON Dream Living Expenses Loan' launched in March supplied 63.7 billion won over six months. Woori Financial plans to reflect rising demand by raising the sales limit next month to 200 billion won from 100 billion won.

Woori Savings Bank supplied 435.1 billion won in people’s finance loans, including Haetsal Loan and Sai Dol loans, from January to September, and the Woori Miso Microfinance Foundation provided 12.6 billion won in support, surpassing its annual target of 12 billion won.

Woori Bank and Woori Card wrote off about 280 billion won in long-overdue debt this year, supporting credit recovery for about 12,000 people.

From next year, Woori Financial plans to manage not only the scale of supply but also the structure of funding, including outstanding loans by industry, the share of small and medium-sized and regional companies, and reliance on collateral and guarantees. In inclusive finance, it will strengthen write-offs of overdue debt and links to employment and welfare.

Lim said, "If the past year was a time when we did our utmost to supply funds in a timely manner where they were needed, now please establish next year’s plan so that we can lead changes in supply, such as the share for small and medium-sized companies and regions." He added, "Let us continue to increase inclusive finance supply that customers can feel."