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Woori conducts first overseas IR meeting as holding firm

Woori Financial Group has conducted its first investor relations meetings abroad after adopting a financial holding firm structure early this year, the firm said Monday.

Group Chairman Sohn Tae-seung is participating in the first leg of the company’s IR roadshow in Japan and Hong Kong, which kicked off Sunday. The roadshow will take place over the course of four days.

Sohn plans to outline the firm’s first-quarter performance for its foreign investors, the firm said, adding that the first quarter marked its best showing yet in terms of the current account balance and growth through mergers and acquisitions on the part of its nonbanking sector. 

Woori Financial Group Chairman Sohn Tae-seung (Woori)
Woori Financial Group Chairman Sohn Tae-seung (Woori)

Foreign investors will include sovereign wealth funds, global asset management firms and pension funds, according to the firm.

Woori posted a robust net profit of 568.6 billion won ($490.5 million) in the first quarter, since rebranding itself as a holding entity.

Sohn will also participate in the North American leg of the roadshow in August, when he will meet US investors and others from the region.

“Foreign shareholders’ stake in our firm increased by 2 percent this year, a sign of global investors’ growing interest in our firm,” an Woori official said.

“Chairman Sohn’s latest overseas IR will serve as an opportunity to solidify long-term investors’ trust in Woori Financial Group,” the official added.

Woori’s assets were estimated at 376 trillion won as of late last year. It has six core units, including Woori Bank, and 17 subsidiaries.

By Jung Min-kyung (