Woori Financial Group said on Saturday it immediately activated an emergency response system across all affiliates, led by its holding company, following the outbreak of the Middle East situation. It said it is checking liquidity conditions and trends in the foreign exchange and funding markets to prepare for possible increased volatility in international financial markets.

Chairman Lim Jong-ryong (임종룡) ordered urgent inspections across all affiliates focused on four areas: strengthening financial market monitoring, ensuring the safety of staff working overseas, supporting companies with Middle East-related transactions and checking cyber security.

Woori Financial has made ensuring the safety of group employees working in Middle Eastern locations such as Dubai and Bahrain its top priority. It is operating a step-by-step response system in line with changes in local conditions, including rechecking emergency contact networks and response manuals.

It also explained it will prepare tailored financial support measures to minimise damage to companies with Middle East-related transactions and vulnerable small and medium-sized companies in case the situation drags on. It said it will reorganise company-wide security inspections to prepare for possible cyber attacks, including distributed denial-of-service (DDoS) attacks, that could exploit any confusion.

It added that all affiliates, including Woori Bank, plan to hold additional review meetings to establish a firm crisis response system and conduct investor relations activities for active communication with the market so that investors at home and abroad can feel reassured.

A Woori Financial official said the reaction of Asian financial markets when they open on Monday could be an important turning point and that the group decided to continuously strengthen its emergency duty system depending on how the situation develops. The official said it will operate a 24-hour monitoring system in step with market stabilisation measures by financial authorities, including the operation of an emergency financial market response team, and will promptly and without disruption join efforts to support market stability as a financial company.