Leading Banking Group Introduces New Refinancing Solutions and Integrated Support Platform for Lower-Credit Customers
Woori Financial Group’s Chairman Yim Jong-yong has emphasized the urgent need for enhanced financial support aimed at young individuals and borrowers with low-to-mid credit scores. He urged the group to establish a tangible financial safety net that genuinely benefits customers.
During the recent May Advanced Strategic Industry Finance Council, Chairman Yim reiterated, “Providing robust financial support for lower- and mid-credit borrowers is crucial. This initiative forms an essential part of our financial safety net, designed to address existing blind spots and safeguard vulnerable segments of society.”
He further stressed the importance of empowering the younger generation, stating, “Young people represent the pivotal generation that will shape our future. It is imperative that we consistently offer practical financial support to ensure they retain their hope and aspirations.”
The council meeting gathered 19 senior executives, including CEOs of various subsidiaries and holding company division heads. Their agenda included a comprehensive review of the group’s ongoing inclusive finance initiatives and the strategic planning for future implementation tasks.
As of April, Woori affiliates collectively disbursed 514.8 billion won ($342.3 million) in mid-rate loans, demonstrating their commitment. Notably, Woori Bank alone provided 218.6 billion won in “Saehuimang Holssi” loans during the first quarter, marking one of the highest volumes among all commercial banks.
Beyond banking, the group’s non-banking units have significantly expanded their support. Woori Financial Savings Bank, for instance, had disbursed a cumulative 221.9 billion won in inclusive finance loans by April. Furthermore, its impressive acceptance rate for interest rate reduction requests stood at 50.7 percent last year, positioning it as the top performer among savings banks affiliated with financial holding groups.
Later this month, Woori is poised to launch the “Won Dream Refinance Loan,” a specialized refinancing product tailored for the group’s non-banking sector. This innovative product will feature an attractive annual interest rate cap of 7 percent and offer flexible installment repayment options for up to 10 years.
Complementing these efforts, the group is also planning the imminent rollout of an integrated inclusive finance platform, further streamlining customer access to vital support.
Chairman Yim concluded by urging, “All subsidiaries must maintain unwavering attention to delivering tangible benefits that customers can genuinely experience and appreciate.”
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