Woori Financial Group
A South Korean financial holding company whose principal banking subsidiary is Woori Bank.
Last updated August 21, 2026
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Overview
Woori Financial Group is a Seoul-based South Korean financial holding company centered on Woori Bank and a broader portfolio of banking, securities, insurance, investment, and related financial businesses. The group was created in 2001 during the restructuring that followed the 1997 Asian financial crisis. Its formation brought together Hanvit Bank, Peace Bank, Kwangju Bank, Kyongnam Bank, Hanaro Investment Banking, and their subsidiaries after those institutions fell below the Basel I capital-adequacy requirement of 8 percent. The South Korean government, acting principally through the Korean Deposit Insurance Corporation, took over and recapitalized the affected institutions, making the state a major investor in the resulting financial group. The group’s historical development reflects the consolidation of South Korea’s banking sector after the financial crisis. Rather than emerging as a single newly founded commercial bank, Woori was assembled from rescued and reorganized institutions. Woori Bank became its central operating subsidiary and the principal public-facing banking brand. Through the holding-company structure, Woori has pursued a diversified model covering retail and corporate banking, investment and securities services, asset and fund-related activities, insurance, and international banking. Woori’s portfolio has changed over time. In 2014, it sold Woori Investment & Securities to NongHyup Financial Group; the business was subsequently renamed NH Investment & Securities. This transaction represented a withdrawal from the domestic securities business. A decade later, Woori Financial re-entered the domestic fund-services market by acquiring Korea Foss Securities in May 2024. Korea Foss Securities was described in the reference material as South Korea’s largest online fund platform, giving Woori a digital distribution and investment-services foothold. The group expanded further into life insurance in 2025. In May of that year, South Korea’s Financial Services Commission approved Woori Financial’s acquisition of Tongyang Life Insurance and ABL Life Insurance for a combined consideration of 1.54 trillion won. The transactions were intended to broaden the group’s non-bank financial portfolio and strengthen its position as a diversified financial holding company. The acquisitions also increased the importance of capital management and integration planning within the group. Woori Bank provides the group with an international banking presence in addition to its domestic branch network. In August 2025, the bank opened a branch in Austin, Texas, its third branch in the southern United States after Dallas and Duluth, Georgia, and the first Korean bank branch in Austin. This development illustrates Woori’s focus on serving Korean-linked businesses, international customers, and cross-border financial activity while maintaining South Korea as its core market. At the end of 2025, Woori was one of South Korea’s four largest financial holding companies by market prominence, alongside KB Financial Group, Shinhan Financial Group, and Hana Financial Group. The supplied reference material reported that Woori’s 2025 net profit rose 1.8 percent to 3.14 trillion won, although a standalone financial source and fuller reporting period are not provided here. In December 2025, chairman and chief executive Yim Jong-yong was reported to be set for a second three-year term beginning in March 2026. In March 2026, the group was reported to be considering the sale of its Digital Tower office building to reinforce capital buffers following the life-insurance acquisitions. Woori therefore combines a large domestic banking franchise with an evolving non-bank portfolio, government-linked ownership history, and selective international expansion.
History
Woori Financial Group was established in 2001 as part of South Korea’s post-crisis financial restructuring. The 1997 Asian financial crisis placed severe pressure on banks and other financial institutions, and several commercial banks failed to meet the Basel I capital-adequacy threshold of 8 percent. The government responded by taking over and recapitalizing troubled institutions, with the Korean Deposit Insurance Corporation serving as a principal vehicle for state investment. The new group combined Hanvit Bank, Peace Bank, Kwangju Bank, Kyongnam Bank, Hanaro Investment Banking, and their subsidiaries. Its creation was therefore the product of forced consolidation rather than an ordinary private-sector launch. The restructuring produced a banking-led financial holding company with Woori Bank as its most prominent operating institution. The group’s state-linked origins remained significant because the government, through the Korean Deposit Insurance Corporation, continued to be its primary investor according to the supplied reference material. During the following years, Woori developed a broader financial-services structure while retaining commercial banking as its center of gravity. Its activities have included retail and corporate banking, investment banking, securities, fund-related services, insurance, and international banking. The portfolio has not been static. In 2014, Woori Financial sold Woori Investment & Securities to NongHyup Financial Group. The acquirer renamed the company NH Investment & Securities, and Woori consequently exited the domestic securities market at that time. Woori later reversed part of that withdrawal. In May 2024, it acquired Korea Foss Securities, described as South Korea’s largest online fund platform. The transaction enabled Woori to return to domestic fund distribution and digital investment services approximately ten years after leaving the market through the sale of its earlier securities subsidiary. This move reflected a strategy of rebuilding non-bank capabilities through a digitally oriented platform rather than simply restoring the former business in its original form. In May 2025, the Financial Services Commission approved Woori Financial’s acquisitions of Tongyang Life Insurance and ABL Life Insurance. The combined reported transaction value was 1.54 trillion won. The acquisitions expanded Woori’s presence in life insurance and supported its ambition to operate as a more diversified financial group. They also created additional requirements for capital planning, regulatory compliance, and post-acquisition integration. Woori Bank continued to develop the group’s international footprint. In August 2025 it opened a branch in Austin, Texas. This was reported as the bank’s third branch in the southern United States, following locations in Dallas and Duluth, Georgia, and as the first Korean bank branch established in Austin. The expansion complemented the group’s domestic franchise with a presence serving cross-border banking needs. Leadership continuity became a prominent issue in late 2025. Yim Jong-yong, serving as chairman and chief executive officer, was reported in December to be set to secure a second term and begin another three-year period in March 2026. The same period also brought reported results showing a 1.8 percent increase in Woori’s net profit to 3.14 trillion won for 2025, though the detailed financial source and accounting context are not included in the supplied material. By March 2026, Woori Financial was reported to be considering the sale of its Digital Tower office property to strengthen capital buffers after the Tongyang Life and ABL Life acquisitions. The proposal illustrates the balance between expansion and prudential capital management that has characterized the group since its crisis-era formation. Woori remains a major South Korean banking and financial-services group, with Woori Bank at its core and growing exposure to securities platforms, insurance, and international operations.
- 2026
Potential Digital Tower sale
[1]Woori Financial was reported to be considering the sale of its Digital Tower office building to support capital buffers after its insurance acquisitions.
- 2025
Regulatory approval for two life-insurance acquisitions
[1]The Financial Services Commission approved Woori Financial’s acquisitions of Tongyang Life Insurance and ABL Life Insurance.
- 2025
Woori Bank opens Austin branch
[1]The bank established its first Austin location and its third branch in the southern United States.
- 2024
Acquisition of Korea Foss Securities
[1]Woori Financial acquired Korea Foss Securities, enabling a return to domestic online fund-platform and investment-services activities.
- 2014
Woori sells its investment and securities subsidiary
[1]Woori Investment & Securities was sold to NongHyup Financial Group and subsequently renamed NH Investment & Securities.
- 2001
Woori Financial Group is formed through forced consolidation
[1]Hanvit, Peace, Kwangju, and Kyongnam banks, Hanaro Investment Banking, and their subsidiaries were combined after government takeover and recapitalization.
- 1997
Asian financial crisis affects South Korean financial institutions
[1]The crisis placed pressure on South Korean banks and contributed to the government-led restructuring that later produced Woori Financial Group.
Products and positioning
A major South Korean banking-led financial holding company pursuing diversification across banking, securities, digital investment services, insurance, and international operations.
Banking
Woori Bank
Woori Bank is the principal banking subsidiary and public-facing financial institution within Woori Financial Group. It anchors the group’s South Korean retail, commercial, and corporate banking activities and also supports the group’s international network. Its overseas expansion includes branches in the southern United States, including Dallas, Duluth, and Austin.
Online fund platform
Korea Foss Securities
Korea Foss Securities is an online fund-services platform acquired by Woori Financial in May 2024. The acquisition gave Woori a digital channel for domestic fund distribution and investment-related services after the group’s earlier exit from its former securities business.
Life insurance
Tongyang Life Insurance
Tongyang Life Insurance became part of Woori Financial’s planned insurance portfolio following Financial Services Commission approval in 2025. Its addition broadened Woori’s non-bank activities and increased the group’s exposure to life-insurance products and operations.
Life insurance
ABL Life Insurance
ABL Life Insurance was included with Tongyang Life Insurance in Woori Financial’s 2025 acquisition plan. The transaction supported Woori’s effort to diversify beyond banking and build a broader financial-services platform.
Securities and investment services
Woori Investment & Securities
Woori Investment & Securities was Woori Financial’s former securities subsidiary. Woori sold it to NongHyup Financial Group in 2014, after which it was renamed NH Investment & Securities. It is therefore a historically important part of the group’s portfolio rather than a current Woori offering.
Brand decisions
2026
Consideration of Digital Tower saleStrategyBackground
The group was reported to be reviewing capital management after acquiring two life insurers.
Action taken
Woori Financial considered selling its Digital Tower office building.
Aftermath
The proposed asset sale was intended to bolster capital buffers, but a completed transaction was not established in the supplied material.
2025
Acquisition of Tongyang Life Insurance and ABL Life InsuranceM&ABackground
Woori Financial pursued insurance acquisitions to broaden its financial holding-company portfolio beyond banking.
Action taken
The Financial Services Commission approved the takeovers of Tongyang Life Insurance and ABL Life Insurance.
Aftermath
The combined reported consideration was 1.54 trillion won, and the acquisitions increased the group’s capital and integration requirements.
Combined acquisition consideration. 1.54 trillion won (2025)
2025
Expansion of the United States branch networkStrategyBackground
Woori Bank used international branches to support cross-border customers and Korean-linked business activity.
Action taken
Woori Bank opened a branch in Austin, Texas, following existing branches in Dallas and Duluth, Georgia.
Aftermath
The Austin location became the bank’s third branch in the southern United States and its first in that city.
2024
Acquisition of Korea Foss SecuritiesM&ABackground
Woori Financial sought to return to domestic investment and fund services about ten years after selling its former securities subsidiary.
Action taken
Woori Financial acquired Korea Foss Securities, an online fund platform.
Aftermath
The transaction restored a digital investment-services presence and expanded the group’s non-bank distribution capabilities.
2014
Sale of Woori Investment & SecuritiesM&ABackground
Woori Financial had a securities business through Woori Investment & Securities but later withdrew from that part of the domestic market.
Action taken
The group sold Woori Investment & Securities to NongHyup Financial Group.
Aftermath
The acquired company was renamed NH Investment & Securities, and Woori remained outside the domestic securities market until its later fund-platform acquisition.
Recent events
- 2026
Woori Financial considers Digital Tower sale to support capital buffers[1]
Other
The group was reported to be considering selling its Digital Tower office building after the life-insurance acquisitions, with the stated aim of strengthening capital buffers.
- 2025
Financial regulator approves Woori Financial's life-insurance acquisitions[1]
M&A · Regulation
The Financial Services Commission approved Woori Financial's takeovers of Tongyang Life Insurance and ABL Life Insurance for a combined reported consideration of 1.54 trillion won.
- 2025
Woori Bank opens Austin branch[1]
Other
Woori Bank opened a branch in Austin, Texas, extending its southern United States network after Dallas and Duluth, Georgia.
- 2025
Yim Jong-yong reported to be set for a second term[1]
Leadership change
In December 2025, Yim Jong-yong was reported to be on course for a second term as chairman and chief executive, with a new three-year term beginning in March 2026.
- 2024
Woori Financial re-enters South Korean online fund services through Korea Foss Securities acquisition[1]
M&A
Woori Financial acquired Korea Foss Securities in May 2024, returning to the domestic fund-services market roughly ten years after selling its earlier securities business.
Sources1 sources
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