Woori Financial Group said on Tuesday it held a meeting on Monday to review issues related to the Middle East situation.

Woori Financial activated its emergency response system immediately after the outbreak of the Middle East situation on March 1. The meeting was held before the start of business and was chaired by Chairman Lim Jong-ryong (임종룡) to ensure group companies respond with heightened vigilance. All executives of the holding company and the heads of major affiliates including banking, insurance, card, capital, securities and asset management attended.

Lim stressed the importance of the safety of Woori Bank employees working in the Middle East. He instructed the group to provide support without disruption in line with existing contingency plans, including the early return of employees' family members depending on circumstances.

Lim also mentioned corporate support measures, saying it was most important to actively inform corporate clients and explain in detail the support announced by Woori Bank on March 2, including emergency business stability funding support, operation of a fast-track screening system and loan maturity extensions, so they can provide practical help in the field.

He added that IT security threats such as DDoS attacks could occur amid the confusion, and urged thorough preparedness. He also stressed that service disruptions could spread unnecessary anxiety and called for special attention to IT security and protection of customer information.

He also said that since the exchange rate has turned back to a sharp rising trend, the group must closely watch foreign exchange market volatility. He instructed the banking unit in particular to recheck foreign currency liquidity conditions closely and switch for the time being to a daily management system in response. He also urged each affiliate to build a detailed risk inspection system as financial market uncertainty could grow, including from rising market interest rates.

The group decided to focus on managing risk assets in consideration of the possibility that a prolonged situation could lead to deterioration in soundness. It also decided to pursue coordinated, group-level risk management through the Group Crisis Response Council.

Lim also stressed strengthening information sharing and monitoring systems within the group. He instructed Woori Finance Research Institute to monitor market conditions in real time and quickly provide information to the holding company and affiliates, and told each affiliate to establish emergency response systems suited to its sector while the holding company comprehensively manages the response status across the group and by affiliate.