Woori Financial Group said on Wednesday it plans to build financial infrastructure in North Jeolla Special Self-Governing Province, centered on key affiliates including asset management, banking and insurance, in step with the government’s “5 poles and 3 special zones” balanced development policy.

It added that it will pursue support for the North Jeolla region by running its venture startup support programme DINNOLab, supplying corporate finance and expanding Goodwill Store outlets that employ people with developmental disabilities, while carrying out financial and social contribution projects in parallel.

Woori Financial plans to expand its workforce in the Jeonju area from about 200 currently to more than 300 through the entry of affiliates including Woori Asset Management. It will open a Woori Asset Management office in Jeonju and hire local staff to strengthen cooperation with the National Pension Service. It will also run an internship programme for university students in North Jeolla.

Woori Bank, which operates 13 branches in North Jeolla, will set up a corporate finance-focused channel called the North Jeolla BIZ Prime Center to provide financial services that combine investment and loan offerings with management consulting for small and medium-sized companies.

Tongyang Life Insurance and ABL Life Insurance plan to expand local hiring centered on exclusive insurance agents. Woori Credit Information plans to set up a Jeonju sales office to expand debt management services.

Through DINNOLab, Woori Financial will discover and nurture fintech startups based in North Jeolla. It is providing investment support by linking the DINNOLab North Jeolla Center, opened in March last year, with its in-house venture fund, the DINNOLab Fund. It selected 7 companies last year and is recruiting a second cohort until March 5 this year.

It also plans to supply about 1.6 trillion won in funds over 5 years from this year through 2030 to small and medium-sized companies and self-employed people in North Jeolla. Woori Bank will expand the supply of guaranteed loans through contributions to the North Jeolla Credit Guarantee Foundation and will offer products including “Woori Local Leading Company Loan.”

In social contribution, it plans to set up additional Goodwill Store outlets, donation-goods retail sites, to expand employment for people with disabilities. It also plans to expand its Our Neighborhood Good Shop initiative in North Jeolla to 24 from 9 currently.

A Woori Financial official said securing a capital markets base in Jeonju, where the National Pension Service, one of the world’s three largest pension funds, is located, will be an opportunity to dramatically strengthen Woori Financial’s capital markets competitiveness. The official said the group will build financial infrastructure in North Jeolla to respond to the challenge of balanced regional development and will make greater efforts to revitalise the regional economy.