It could soon be heading for the top spot, however, boasting steady Tier 1 capital growth of 18.8% and 28.5% for 2006 and 2007, respectively.
During fiscal year 2007, the bank enjoyed asset growth of 17.1%, having successfully grown its loan book by 17.9%. The bank provides loans to more than a third of South Korea’s business community, while maintaining an industry-leading non-performing loan ratio of 0.63%.
Woori Bank has launched a number of innovative new products, including a ‘green account’, some 50% of the profits of which are used to fund eco-friendly projects. Meanwhile, Woori Bank’s investment banking business, in particular its shipbuilding finance division, has flourished in a highly adverse environment.
Chong Hwi Lee, president and CEO of Woori Bank, says: “We are honoured to be recognised as Bank of the Year 2008 in South Korea. It is wonderful to win the award for two consecutive years, especially when we are about to celebrate our 110th anniversary next year. I would like to attribute this award to the 15,000 employees at Woori Bank. The hard work of Woori’s people and the contribution from customers are the keys to the success.”
He adds: “Woori Bank is more than strong enough to withstand the current credit crunch and take this opportunity to step forward and become a market leader in the Asian finance market.”
