Woori Bank said on April 5 it signed an agreement with Doosan Group on April 3 at its headquarters in Jung-gu, Seoul, to provide financial support to build and grow the national future strategic industry ecosystem.

The signing ceremony was attended by Woori Bank CEO Jin-wan Jeong (정진완) and Doosan CEO Min-cheol Kim (김민철), along with other senior executives from both sides. Under the agreement, they plan to cooperate in productive finance areas including facility investment, export and import finance, overseas investment and shared-growth financing for partner companies.

The agreement was arranged as part of Woori Financial Group's productive and inclusive finance policy, the Woori Financial Future Shared Growth Project. The two sides agreed to strengthen strategic cooperation in future growth engine sectors including energy, smart machines, semiconductors and advanced materials.

Doosan Group traces its origins to the Park Seung-jik Store, established in 1896, and marks its 130th anniversary this year. Woori Bank, which began as Daehan Cheonil Bank in 1899, marks its 127th anniversary this year. It is seen as meaningful that the two sides, which have shared a history of industry and finance, are working to lay the groundwork for future growth.

Woori Bank, in particular, said it set lending support limits in advance in line with Doosan Group's mid- to long-term investment plans to improve the speed and predictability of fund execution. It explained this would reduce uncertainty in fundraising and support the group in focusing on technology development and expanding production facilities.

Yong-pil Noh (노용필), head of Woori Bank's Corporate Sales Strategy Department, said Doosan Group has global competitiveness in energy, smart machines, semiconductors and advanced materials. He said he hopes the agreement will help the two sides develop into strategic partners that go beyond simple financial support to jointly lead growth of the future strategic industry ecosystem.