Woori chair­man vis­it­ing Mideast, Europe for IR

The Korea Times - - FINANCE - By Jhoo Dong-chan [email protected]­re­atimes.co.kr

Woori Fi­nan­cial Group Chair­man Sohn Tae-se­ung is set to visit the Mid­dle East, Europe and North Amer­ica to meet and at­tract po­ten­tial in­sti­tu­tional in­vestors.

Ac­cord­ing to Woori Fi­nan­cial Group, Sohn took off for the Mid­dle East and Europe Wed­nes­day and will con­tinue his over­seas road­shows in North Amer­ica around the mid­dle of this month.

He plans to visit North Amer­ica once again by the end of this year to meet global ma­jor in­sti­tu­tional in­vestors there in­clud­ing pen­sion funds.

He will also meet in­vestors in the Mid­dle East and Europe after his visit to North Amer­ica.

A series of Sohn’s IR tours abroad aim to strengthen the group’s net­works with for­eign and in­sti­tu­tional in­vestors, re­flect­ing mount­ing un­cer­tain­ties in the global fi­nan­cial mar­ket.

“A pro­longed trade row be­tween the U.S. and China has led to a global down­turn. Cen­tral banks across the world are low­er­ing their rates. This dis­cour­ages in­vestors’ confidence and has plunged share prices of Korea’s banks,” said a Woori Fi­nan­cial Group of­fi­cial.

“Sohn will em­pha­size the group’s solid earn­ings dur­ing his IR tours abroad. Woori Fi­nan­cial Group also clinched an im­por­tant ac­qui­si­tion. This will boost the group’s fu­ture earn­ings. The group will con­tinue its growth fur­ther. Sohn will share the group’s vi­sion with for­eign in­vestors dur­ing his trips.”

In April, Woori Fi­nan­cial Group ac­quired a 65.74 per­cent stake in Kukje As­set Trust as part of the group’s ef­forts to di­ver­sify its busi­ness port­fo­lio.

Es­tab­lished in 2007, Kukje at­tracted 23.6 tril­lion won ($19.5 bil­lion) worth of trust money while post­ing a 31.5 bil­lion won net profit last year.

Last month, Woori also raised 400 bil­lion won by is­su­ing sub­or­di­nated cor­po­rate bonds.

The firm is­sued 300 bil­lion won worth of 10-year con­tin­gent con­vert­ible bonds and 100 bil­lion won of eight-year bonds to strengthen the group’s cash re­serve.

Korea Times file

Woorin Fi­nan­cial Group Chair­man Sohn Tae­se­ung

Newspapers in English

Newspapers from Korea, Republic

© PressReader. All rights reserved.