Woori Bank

RATING

SECTOR

Banking

WEBSITE

CONTACT

51, Sogong-ro
Hoehyeon-dong 1-ga
Jung-gu, Seoul
04632, South Korea

Tel: +82 2 2002 3000
Email: cs@wooriamericabank.com

STOCK EXCHANGE

LISTING

EMPLOYEES

15,529

CHIEF SUSTAINABILITY OFFICER

No sustainability representatives or departments.

AWARDS

CONTENT SOURCE

(The following sources are download only, hence the links take the reader to the necessary search engine entry to access these downloadable sources)

2019 Woori Financial Group Sustainability Report

2020 Woori Financial Group Sustainability Report

Reliable Finance for All: 2019 Sustainability Management Report

Woori Bank Green 2019, Social and Sustainability Bond Framework

 

FURTHER READING

Report created by Aastha Srivastava

 

Woori Bank

SECTIONS :  Sustainability  Targets   Evaluation  •  Key Points  •  Overview

 

Company Activity

Founded in 1899, Woori Bank is one of the largest banks in South Korea and is known for its services in digital banking and web browser support. Woori Bank provides services in consumer, corporate, investment and private banking. Additionally, their services extend to insurance, mortgage loans, private equity and wealth management. In 2019, their revenue was ₩12, 532 billion.

Woori Bank serves over 21 million customers and has around 900 branches within South Korea itself.

Woori Bank has been working towards the development of AI bankers to better the process of digital banking, specifically for senior customers who may struggle with online banking otherwise.

‘Customers, trust, expertise and innovation’ are the four core values of the Woori Brand.

Company Sustainability Activity

Woori Bank published their first sustainability report in 2019, and since have published ‘Sustainability Bond Reports’ which can be found at the first two appearing links after this search engine use.

Kwon Kwang-Seok, CEO of Woori Bank, was awarded the Global Green Management Excellence Award in 2020 by both the Korean Ministry of Environment and the Korean Ministry of Trade, Industry and Energy.

In accordance with South Korea’s 2050 Carbon Neutral Strategy, Woori Bank has contributed around ₩12.9 trillion towards South Korea’s Green New Deal. Said Green New Deal focuses on ‘renewable energy and green infrastructure.’ 

In alignment with their enlarging ESG strategies, in 2020 Woori Bank issued ₩300 billion towards those self-employed and those working for small businesses struggling through the Covid-19 pandemic.

In addition, Woori Bank established an environmental management system to systematically promote environmentally friendly management, and in June 2020, acquired the ISO14001 certification, an international standard for environmental management.

Highlights

  • ESG Financial Goals (Accumulated standard of handling by 2030, achievement rate compared to target 8%) 100trillion won
  • ESG Finance* 8,020billion won *Issuance of ESG products, loans, investments, ESG bonds, etc.

Targets

ESG Financing

  • ESG Financial Goals (Accumulated standard of handling by 2030, achievement rate compared to target 8%) 100trillion won
  • ESG Finance* 8,020billion won *Issuance of ESG products, loans, investments, ESG bonds, etc.
  • Reducing financial support for industries that directly and indirectly contribute to climate change due to carbon emissions.  

Inclusive Finance and Social Contribution

  • Social contribution investment amount (Goal of the Year 2025, 93% achieved compared to the goal) 150billion won
  • Finance for the working class (Year 2021 Target) 570billion won

Progress

ESG Financing

  • Enacted its ESG Financial Principles and reflected these in all the products and services of the group.
  • Extended financial support to industries that contribute to revitalizing the circular economy, such as by developing energy-efficient technologies to reduce carbon emissions, utilizing renewable energy and recycling resources.
  • Actively contributing to the expansion of financial tolerance and the fulfillment of corporate social responsibility.

Environmental Management

  • 23% reduction in greenhouse gas emissions since 2012
  • 20% reduction in greenhouse gas emissions per person since 2012

Additional Progress

 
 

Certificates

 

UN Sustainable Development Goals

UN SDGs Compliance

Woori Financial Group has established its own SDGs (Sustainable Development Goals) in consideration of the United Nation’s SDGs and the characteristics of the financial business to realize sustainable management and create social value and is carrying out a variety of strategic social contribution projects.

SDG 5: Gender Equality

  • As of the end of 2019, of all personnel working for Woori Bank, female employees made up 8,004 or 52.8% of total Woori Bank workers.

SDG 6: Clean Water and Sanitation

  • Ensure sustainable water and wastewater management
  • Pollution prevention and control

SD 7: Affordable and Clean Energy

SDG 8: Decent Work and Economic Growth

  • Establishment of Internal Control Committee
  • Creation of Stable Economic Performances
  • Ensure access to essential services such as banking
  • Increased scope for employment and recruitment
  • SME financing

SDG 9: Industry, Innovation and Infrastructure

  • Social contribution activities
  • Digital transformation

SDG 11: Sustainable Cities and Communities

  • Access to clean transportation
  • Creation of green buildings
  • Pollution prevention and control
  • Creation of affordable housing

SDG 12: Responsible Consumption and Production

  • Environmentally suitable management of natural resources and land use

Evaluation

Woori Bank acknowledges the importance of third party assessment and states that their 2019 Woori Financial Group Sustainability Report was assessed by the KMR, AA1000AS and SRV1000.

While their initial 2019 Green Bond is impressive, Woori Bank operates within vague and unspecified goals and targets, resulting in the possible dodging of accountability.

Furthermore, Woori Bank is severely lacking in its green certifications and labels and only features a few irrelevant listings to sustainability.

Additionally, the difficulty in accessing Woori Bank’s sustainability reports and equivalents makes it hard for the reader to assess and read these documents. The reports feature broad and often jargon full statements.

Woori Bank should work towards specific and detailed future targets in order to streamline their own process of integrating their own business model with a matched sustainability strategy.

Woori Bank has recently been monetarily contributing to a more sustainable Korea and therefore proves a progression to further sustainable actions and intentions.

Therefore, this company is rated a C.

Analyst Outlook: Neutral

Woori Bank would benefit from more green certificates and labels as at present, their one certificate does not do enough to constitute Woori Bank as sustainable. Woori Bank does note the possibility for achieving green certificates through the usage of their Green Bond to build a green building but as of now, Woori Bank still only holds one green certificate.

While Woori Bank makes reference to the SDGs through their assessment of their Green Bond, the bank does not go beyond the bare minimum and does not elaborate on these goals and neither do they relate specific sub-goals and targets to their sole large act of sustainability. 

However, a neutral outlook has been adopted since Woori Bank has referenced the potential for future green certificates.

Key Points

  • In September 2017, Woori Bank signed a ‘Clean Woori campaign’ agreement with Seoul City and took action to reduce vehicle emissions
  • All of Woori Bank’s company vehicles will be replaced with electric vehicles by 2025. As of Woori Bank’s signing of the 2017 ‘Clean Woori Campaign’
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