U.S. 165(d) Reduced Resolution Plan

Public Section

July 2022

PUBLIC INFORMATION OF WOORI FINANCIAL GROUP

This document contains forward-looking statements. Statements that are not historical facts, including statements about Woori Financial 

Group’ beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, 

and therefore undue reliance should not be placed on them. The forward-looking information contained in this document is presented for the 

purpose of interpreting the information contained herein and may not be appropriate for other purposes. Forward-looking statements speak 

only as of the date they are made, and Woori Financial Group undertakes no obligation to update publicly any of them in light of new 

information or future events.
WFG 165(d) Reduced Resolution Plan 2 Public Section

Contents

(a) Public Section...............................................................................................................................................3

1. Introduction...............................................................................................................................................3

1.1 U.S. Reduced Resolution Plan.........................................................................................................3

1.2 Overview of Woori Financial Group...............................................................................................4

2. Material Entities........................................................................................................................................8

3. Core Business Lines..................................................................................................................................8

4. Financial Information ...............................................................................................................................9

4.1 Financial Statements..........................................................................................................................9

4.2 Capital Adequacy............................................................................................................................. 12

4.3 Major Source of Funds................................................................................................................... 12

4.4 Liquidity Risk Management............................................................................................................ 13

5. Derivatives and Hedging Activities...................................................................................................... 14

6. Memberships in Payment, Clearing and Settlement Systems.......................................................... 15

7. Description of Foreign Operations...................................................................................................... 16

8. Supervisory & Regulatory Authorities................................................................................................. 16

9. Principal Officers of Woori Financial Group ....................................................................................... 17

10. Resolution Planning Corporate Governance Structure and Processes........................................... 18

11. Management Information Systems..................................................................................................... 19

12. High-Level Resolution Strategy Summary........................................................................................... 19
WFG 165(d) Reduced Resolution Plan 3 Public Section

(a) Public Section

1. Introduction

1.1 U.S. Reduced Resolution Plan

Woori Financial Group (“WFG”) is a foreign-based financial holding company organized under the laws 

of the Republic of Korea (“Korea”), which maintains an agency, branch, and subsidiaries in the United 

States (“U.S.”).

WFG became responsible for the submission of the U.S. Reduced Resolution Plan (“Resolution Plan”)

as a new covered company since 2022. Accordingly, for purposes of the 2022 U.S. Reduced Resolution 

Plan, which must be filed on or before July 1, 2022, WFG prepares and submits the Resolution Plan on 

behalf of its U.S operations, including Woori Bank New York Agency (“WBNYA”), Woori Bank Los 

Angeles Branch (“WBLAB”) and Woori America Bank (“WAB”).

This Resolution Plan is being filed by WFG pursuant to Section 165(d) of the Dodd-Frank Wall Street 

Reform and Consumer Protection Act (“Dodd-Frank Act”) and implementing regulation issued by the 

Board of Governors of the Federal Reserve System (“FRB”) [12 C.F.R. Part 243] and the Federal Deposit 

Insurance Corporation (“FDIC”) [12 C.F.R Part 381] (together, the “Regulation”).

Section 165(d) of the Dodd-Frank Act and the Regulation require a foreign bank or company that is, or 

is treated as, a bank holding company under section 8(a) of the International Banking Act of 1978 

(“IBA”) [12 U.S.C. §§3101 et seq.] and that has $250 billion or more in total consolidated assets to 

submit triennially a plan for the rapid and orderly resolution of a Covered Company’s operations in 

the U.S in the event of material financial distress or failure.

WFG is a foreign-based Covered Company under Section 8(a) of the IBA, as it maintains U.S. operations 

through its agency, branch and subsidiary. As of December 31, 2021, WFG’s total consolidated assets 

exceeded $250 billion. Accordingly, WFG is defined as a foreign-based Covered Company subject to 

the U.S. Resolution Plan under Section 165(d) of the Dodd-Frank Act and the Regulation.

Under the Regulation, a foreign-based Covered Company that (i) has more than $250 billion in total 

consolidated assets and (ii) that is not subject to Category II

1 or Category III2

standards, upon notice 

to and non-objection from FRB and FDIC, is to submit a Reduced Resolution Plan. As of December 31, 

2021, WFG meets the criteria outlined above to be eligible to submit a Reduced Resolution Plan on a 

triennial basis.

This Public Section of the Resolution Plan provides an executive summary of WFG’s overall resolution 

strategy for its U.S. operations.

1

Foreign banking organizations (FBOs) with (a) ≥$700b average combined U.S. assets; or (b) ≥$100b average combined U.S. assets with

≥$75b in average cross-jurisdictional activity

2

FBOs with (a) ≥$250b and <$700b average combined U.S. assets; or (b) ≥$100b average combined U.S. assets with ≥$75b in average 

total nonbank assets, average weighted short-term wholesale funding, or average off-balance sheet exposure
WFG 165(d) Reduced Resolution Plan 4 Public Section

1.2 Overview of Woori Financial Group

WFG was established as a financial holding company on January 11, 2019, through the comprehensive 

stock transfer under the Financial Holding Company Act in Korea, whereby holders of the common 

stock of Woori Bank (“WRB”) and certain of its subsidiaries transferred all of their shares to WFG and 

in return received shares of WFG’s common stocks. In addition, WFG issued common stock to WRB in 

exchange for the outstanding common stocks of certain of WRB’s wholly-owned subsidiaries that 

became WFG’s wholly-owned direct subsidiaries.

Specifically, in connection with the stock transfer, WRB transferred all shares of common stock of

Woori FIS Co., Ltd., Woori Finance Research Institute Co., Ltd., Woori Credit Information Co., Ltd., 

Woori Fund Services Co., Ltd. and Woori Private Equity Asset Management Co., Ltd., all of which were 

WRB’s wholly-owned subsidiaries, to WFG and, as consideration for such transferred shares, received 

shares of WFG’s common stocks in accordance with the specified stock transfer ratio applicable to 

each such subsidiary.

Following the completion of the stock transfer, WRB, Woori FIS Co., Ltd., Woori Finance Research 

Institute Co., Ltd., Woori Credit Information Co., Ltd., Woori Fund Services Co., Ltd. and Woori Private 

Equity Asset Management Co., Ltd. became WFG’s direct and wholly-owned subsidiaries. WFG’s 

primary aim is to control subsidiaries that operate in the financial industry or those that are closely 

related to the financial industry. The headquarters of WFG is located at 51, Sogong-ro, Jung-gu, Seoul, 

Korea.
WFG 165(d) Reduced Resolution Plan 5 Public Section

As of December 31, 2021, WFG had total consolidated net income of $2.3 billion, and total 

consolidated total assets of $376.2 billion. Please refer to Exhibit 1.2 1 for the full list of WFG’s 

subsidiaries.

Exhibit 1.2-1: WFG operations by Legal Entity

Location Name of Subsidiaries % of Ownership No. of Company 

1st Tier 

Subsidiaries

Woori Bank

Woori Card Co., Ltd.

Woori Investment Bank Co., Ltd.

Woori Financial Capital Co., Ltd.

Woori Asset Trust Co., Ltd.

Woori Asset Management Corp.

Woori Savings Bank

Woori Credit Information Co., Ltd.

Woori Fund Service Co., Ltd.

Woori Private Equity Asset Management Co., Ltd.

Woori Global Asset Management Co., Ltd.

Woori FIS Co., Ltd.

Woori Finance Research Institute Co., Ltd.

100%

100%

58.7%

100%

67.2%

73.0%

100%

100%

100%

100%

100%

100%

100%

13 companies

2nd Tier 

Subsidiaries

Woori America Bank

Woori Global Markets Asia Limited

Woori Bank China Limited

AO Woori Bank

PT Bank Woori Saudara Indonesia 1906 Tbk

Banco Woori Bank do Brasil S.A.

Korea BTL Infrastructure Fund

Woori Finance Myanmar Co., Ltd.

Wealth Development Bank

Woori Bank Vietnam Limited

Woori Bank (Cambodia) PLC

Woori Bank Europe

100%

100%

100%

100%

84.2%

100%

99.9%

100%

51.0%

100%

100%

100%

12 companies

(Source: FY 2021 WFG Form 20-F under K-IFRS)

WFG’s subsidiaries collectively engage in a broad range of businesses, including corporate banking, 

retail banking, credit cards, capital markets activities, asset management and insurance. WFGprovides 

a wide range of financial products and services to its customers, which are mainly comprised of Korea’s 

large corporations, small and medium-sized enterprises (“SMEs”), and individuals.

WRB, a wholly owned subsidiary of WFG, provides financial products and services to its corporate and 

retail customers, which are mainly comprised of large corporations, SMEs, and individuals. WRB 

operates a network of 768 branches and offices in Korea, and 14 overseas branches, 8 overseas branch 

offices and 4 overseas offices as of December 31, 2021. As of December 31, 2021, WRB had $350.0

billion in total assets and $2.0 billion in net income.

Woori Card Co., Ltd. (“WC”) is a credit card company with asset size, operating revenue and net 

income of $11.9 billion, $1.3 billion and $0.2 billion, respectively, as of December 31, 2021.

Woori Investment Bank Co., Ltd. (“WIB”) provides corporate customers with various financial services 

and retail customers with asset management. WIB’s financial products include CMA, Issuance of Bill, 

Repurchase Agreements, Commercial Paper, Corporate Bonds and Beneficiary Certificates. As of 

December 31, 2021, WIB’s asset size, operating revenue and net income were $4.3 billion, $0.3 billion 

and $0.1 billion, respectively.
WFG 165(d) Reduced Resolution Plan 6 Public Section

Woori Financial Capital Co., Ltd. (“WFC”) primarily provides lease financing, facility rental services and 

general loan services to customers. As of December 31, 2021, WFC had $8.6 billion in total assets, 

operating revenue of $0.8 billion, and $0.1 billion in net income.

Woori Asset Trust Co., Ltd. (“WAT”) provides real estate investment advisory services to customers. 

As of December 31, 2021, WFC had $0.2 billion in total assets, operating revenue of $0.1 billion, and 

$33.9 million in net income.

Woori Asset Management Corp. (“WAM”) is an asset management company with asset size, operating 

revenue and net income of $0.1 billion, $28.1 million and $6.9 million, respectively, as of December 

31, 2021.

Woori Savings Bank (“WSB”) was acquired from WFC in March 2021 and became the WFG’s 

consolidated subsidiary. As of December 31, 2021, WSB had $1.2 billion in total assets, operating 

revenue of $0.1 billion, and $12.9 million in net income.

Woori Credit Information (“WCI”), a member of the American Collection Agency (“ACA”), was 

established as the first Korean company specialized in debt collection. As of December 31, 2021, WCI’s 

asset size, operating revenue and net income were $34.1 million, $31.6 million and $1.3 million, 

respectively.

Woori Fund Service (“WFS”) provides fund accounting services including computation of reference 

prices for collective investment vehicles and other administration services for REITs. As of December 

31, 2021, WFS’s asset size, operating revenue and net income were $18.7 million, $13.1 million and 

$3.0 million, respectively.

Woori PE (“WPE”) is one of the leading private equity fund operators in Korea. WPE specializes in 

investments such as corporate restructuring and M&A. As of December 31, 2021, WPE’s asset size, 

operating revenue and net income were $36.0 million, $3.6 million and $1.9 million, respectively.

Woori Global Asset Management Co., Ltd. (“WGAM”) is an asset management company with asset 

size, operating revenue and net income of $29.7 billion, $9.9million and -$0.4 million, respectively, as 

of December 31, 2021.

Woori FIS (“WFIS”) is an IT shared service center which integrates and manages the IT systems of WFG

and its subsidiaries. It provides various IT services which include developing, operating and managing 

IT business and other relevant systems. As of December 31, 2021, WFIS’s asset size, operating revenue 

and net income were $0.1 billion, $0.2 billion and $1.3 million, respectively.

Woori Finance Research Institute (“WFRI”) functions as a think tank of WFG by providing consulting 

services regarding strategies for WFG’s subsidiaries and by supporting the decision-making process of 

top management. As of December 31, 2021, WFRI’s asset size, operating revenue and net income 

were $4.9 million, $5.7 million and $0.05 million, respectively.
WFG 165(d) Reduced Resolution Plan 7 Public Section

U.S. Operations

WFG is headquartered in Seoul, Korea and maintains an agency, Woori Bank New York Agency 

located in New York, NY, a branch, Woori Bank Los Angeles Branch, located in Los Angeles, California

and a retail subsidiary, Woori America Bank, located in New York, NY, with branches across the U.S.

The principal activities of the U.S. operations of WFG are providing trade financing, letters of credit, 

local currency funding and corporate loans for Korean companies operating in the U.S. market as well 

as individual customers. U.S. operations of WFG are conducted primarily through the three entities

below:

• Woori Bank New York Agency (“WBNYA”)

• Woori Bank Los Angeles Branch (“WBLAB”)

• Woori America Bank (“WAB”)

Exhibit 1.2-2: WFG U.S. Operations by Legal Entity

(Source: WFG Management as of December, 2021)

WBNYA, an agency of WFG, operates under the license granted by the New York State Department of 

Financial Services (“NYSDFS”). WBLAB, a branch of WFG, operates under the license granted by the 

California Department of Financial Protection and Innovation (“DFPI”). Both WBNYA and WBLAB are 

engaged in corporate banking business such as buying, selling, paying and collecting of bills, issuing 

letters of credit and granting loans primarily to subsidiaries of Korea-based companies that operate in 

the U.S. market.

WAB, a wholly owned subsidiary of WFG, was chartered under the laws of the State of New York and 

operates under the license granted by NYSDFS. WAB specializes in Korean community-oriented retail 

banking business for both SMEs and individual customers by primarily providing loans and remittance 

services. As of the reporting date, WAB operates 20 branches located in the following states: New 

York (5), New Jersey (4), Texas (1), Pennsylvania (1), Maryland (1), Virginia (2) and California (6) and 5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
WFG 165(d) Reduced Resolution Plan 8 Public Section

loan production offices (“LPO”) located in the following states: Washington (1), Illinois(1), Georgia (1), 

California (1) and Texas (1).

2. Material Entities

Under the Regulation, a “Material Entity” is a subsidiary or foreign office of the Covered Company that 

is significant to the activities of a “Core Business Line” or a “Critical Operation”. Core Business Lines 

are those business lines, including associated operations, services, functions and support that, in the 

Covered Company’s view, upon failure would result in a material loss of revenue, profit or franchise 

value of the Covered Company. Critical Operations are those operations, including associated services, 

functions and support, the failure or discontinuance of which would pose a threat to the financial 

stability of the U.S.

WFG has determined that it has no Core Business Lines based on analysis performed on a quantitative 

as well as a qualitative basis. On the quantitative basis, the percentage contribution of each business 

line in the U.S. to the total consolidated financials was insignificant. On a qualitative basis, failure of 

WFG’s U.S. operations would not have a material effect on the overall franchise value of WFG.

WFG has also determined that it has no Critical Operations. The relatively limited scope, nature, and 

volume of WFG’s U.S. operations indicate that their failure or discontinuance would not pose a threat 

to the stability of the U.S. financial system.

As none of the businesses that WFG conducts in the U.S. have been determined as a Core Business 

Line or a Critical Operation, WFGhas identified no Material Entity for purposes of this Resolution Plan.

3. Core Business Lines

As noted above, for purposes of this Resolution Plan, WFGhas identified no Core Business Lines. None 

of the business lines, conducted within the U.S. operations of WFG, are significant enough that its 

failure would result in a material loss of revenue, profit or franchise value of WFG. In terms of 

quantitative aspects, WFG has compared the percentage contribution of each U.S. business line to its 

total consolidated financials on the basis of net income and total assets for the period January 1, 2021

through December 31, 2021. In addition, a qualitative analysis was used to determine whether the 

business lines operating in the U.S. would have a material effect on the overall franchise value of WFG.

On a quantitative basis, the percentage contribution of each business in the U.S., on the basis of total 

assets and net income was less than 5%, which did not meet the threshold for quantitative significance.

On a qualitative basis, WFG’s U.S. operations are not significant to the overall franchise value of WFG. 

As a result, WFG has determined that none of the business lines should be considered Core Business 

Line that are conducted in whole or material part in the U.S. and the failure of which would result in a 

material loss of revenue, profit or franchise value to WFG.
WFG 165(d) Reduced Resolution Plan 9 Public Section

4. Financial Information

The following exhibit is a summary of WFG’s consolidated statements of financial position and 

statements of comprehensive income as of December 31, 2021 and for the year ended December

2021, prepared under K-IFRS3. Please refer to WFG’s K-IFRS Audited Consolidated Financial Statements 

as of December 31, 2021 and for the year ended December 31, 2021 for further details. Korean Won 

amounts are expressed in U.S. Dollars at the rate of 1,188.6 Korean Won to US$1.00, the noon buying 

exchange rate in effect on December 31, 2021, as quoted by the FRB of New York in the United States.

4.1 Financial Statements

Exhibit 4.1-1: WFG and Subsidiaries Consolidated Statements of Financial Position

(in US$ thousands)

Dec-31-2021

Assets 

Cash and cash equivalents 6,365,319 

Financial assets at fair value through profit or loss (“FVTPL”) 11,355,573 

Financial assets at fair value through other comprehensive

income (“FVTOCI”) 32,912,493 

Securities at amortized cost 14,375,125 

Loans and other financial assets at amortized cost 304,503,510 

Investments in joint ventures and associates 1,123,311 

Investment properties 327,692 

Premises and equipment 2,670,974 

Intangible assets 660,766 

Assets held for sale 22,150 

Net defined benefit asset 17,959

Current tax assets 19,012 

Deferred tax assets 26,191 

Derivative assets (Designated for hedging) 89,823 

Other assets 1,757,488 

Total assets 376,227,386

Liabilities

Financial liabilities at fair value through profit or loss (“FVTPL”) 4,100,167 

Deposits due to customers 267,457,405 

Borrowings 20,827,410 

Debentures 37,568,454 

Provisions 484,716 

Net defined benefit liability 40,372 

Current tax liabilities 491,747 

3 K-IFRS stands for Korean International Financial Reporting Standards. 
WFG 165(d) Reduced Resolution Plan 10 Public Section

Deferred tax liabilities 142,892 

Derivative liabilities (Designated for hedging) 23,207 

Other financial liabilities 20,388,041 

Other liabilities 468,495 

Total liabilities 351,992,906 

Equity

Owners' equity: 21,703,624 

 Capital stock 3,062,681 

 Hybrid securities 1,930,322 

 Capital surplus 574,108 

 Other equity (1,823,669)

 Retained earnings 17,960,182 

Non-controlling interest 2,530,856 

Total equity 24,234,480 

Total liabilities and equity 376,227,386 

(Source: FY 2021 WFG Form 20-F under K-IFRS)
WFG 165(d) Reduced Resolution Plan 11 Public Section

Exhibit 4.1-2: WFG and Subsidiaries Consolidated Statements of Comprehensive Income

(in US$ thousands)

Dec-31-2021

Interest income 8,324,709

Interest expense (2,447,441)

Net interest income 5,877,268

Fees and commissions income 1,827,112

Fees and commissions expense (589,711)

Net fees and commissions income 1,237,401

Dividend income 260,147

Net gain on financial instruments at FVTPL 274,063

Net gain on financial assets at FVTOCI 27,447

Net gain arising on financial assets at amortized cost 90,289

Impairment losses due to credit loss (451,656)

General and administrative expenses (3,489,324)

Other net operating expense (746,593)

Operating income 3,079,042

Share of gain of joint ventures and associates 52,327

Other non-operating expenses (29,362)

Non-operating income 22,965

Net income before income tax expense 3,102,007

Income tax expense (778,030)

Net Income from continuing operations 2,323,977

Net income 2,323,977

Items that will not be reclassified to profit or loss 81,213

Net gain on valuation of equity securities at FVTOCI 28,663

Changes in capital due to equity method (2,193)

Remeasurement gain related to defined benefit plan 54,743

Items that may be reclassified to profit or loss 61,965

Net loss on valuation of debt securities at FVTOCI (155,137)

Changes in capital due to equity method 3,477

Net gain on foreign currency translation of foreign operations 207,646

Net gain on valuation of cash flow hedge 5,979

Other comprehensive income, net of tax 143,178

Total comprehensive income 2,467,155

Net income attributable to:

 Net income attributable to owners 2,139,361

 Net income attributable to non-controlling interests 184,616

Total comprehensive income attributable to:
WFG 165(d) Reduced Resolution Plan 12 Public Section

 Comprehensive income attributable to owners 2,272,145

 Comprehensive income attributable to non-controlling interests 195,010

Basic earnings per share 2.88

Diluted earnings per share 2.88

(Source: FY 2021 WFG Form 20-F under K-IFRS)

4.2 Capital Adequacy

WFG complies with the standard of capital adequacy provided by financial regulatory authorities. The 

capital adequacy ratio is based on Basel III of the Basel Committee on Banking Supervision and Basel 

III was applied from the end of December, 2013. The capital adequacy ratio is calculated by dividing 

own capital by assets(weighted with a risk premium – risk weighted assets) based on the consolidated 

WFG’s consolidated statements of financial position. According to the regulations, WFG is required to 

meet the following minimum requirements: Tier 1 common capital ratio of 8.0%, Tier 1 capital ratio 

of 9.5%, and a minimum total capital ratio of 11.5% as of December 31, 2021. WFG has maintained 

Tier 1 Capital Ratio of 13.27%4 and Total Capital Ratio of 15.03%5, as of December 31, 2021.

As of December 31, 2021, WRB’s consolidated capital ratios, as computed under the Basel III guidelines, 

were maintained at a high level, with Tier 1 Capital Ratio of 14.24%6 and Total Capital Adequacy Ratio 

of 16.20%7.

WBNYA and WBLAB are not subject to the capital adequacy requirement as they are an agency and 

branch of WFG, respectively. WAB has maintained Tier 1 (Core) Capital Ratio to average total assets

of 14.51% under the Community Bank Leverage Ratio (“CBLR”)8framework for which the minimum 

requirement is 9.00%, as of December 31, 2021.

9

4.3 Major Source of Funds

WFG obtains funding from various sources, both domestic and foreign. WFG’s principal source of 

funding is customer deposits, which totaled to $267.5 billion as of December 31, 2021.

10

WFG also acquires funding through the following sources:11

 Short-term borrowings, including bills sold, call money,

 Long-term debts, including issuance of debentures,

 Borrowings in local currency from the Bank of Korea and government-affiliated entities,

 Borrowings in foreign currencies from The Export-Import Bank of Korea and foreign financial 

institutions, and

4

Source : FY 2021 WFG Form 20-F under K-IFRS

5

Source : FY 2021 WFG Form 20-F under K-IFRS

6

Source : FY 2021 WRB Audited Consolidated Financial Statements under K-IFRS

7

Source : FY 2021 WRB Audited Consolidated Financial Statements under K-IFRS

8 Capital adequacy guidelines that the federal banking agencies jointly issued and provides for an optional, simplified measure of capital 

adequacy for qualifying community banking organizations, consistent with Section 201 of the Economic Growth, Regulatory Relief, and 

Consumer Protection Act

9

Source : FY 2021 US GAAP Audited Consolidated Financial Statement of WAB

10 Source : FY 2021 WFG Form 20-F under K-IFRS

11 Source : FY 2021 WFG Form 20-F under K-IFRS
WFG 165(d) Reduced Resolution Plan 13 Public Section

 Issuance of hybrid equity securities.

WBNYA and WBLAB primarily obtain funding from local and international financial institutions but 

inter-office funding from WFG is also another major source of funds. WAB is self-funded through its 

retail customers’ deposits and borrowings.

4.4 Liquidity Risk Management 

Liquidity risk management aimsto prevent potential cash shortages as a result of mismatching the use 

of funds (assets) and source of funds (liabilities) or unexpected cash outflows. Of the financial liabilities 

on the consolidated statements of financial position, financial liabilities in relation to liquidity risk 

become the object of liquidity risk management. Derivatives are excluded from those financial 

liabilities as they reflect expected cash flows for a pre-determined period.

Assets and Liabilities are grouped by account under Asset Liability Management (“ALM”) in accordance 

with the characteristics of the account. WFG manages liquidity risk by identifying the maturity gap and 

such gap ratio through various cash flows analyses (i.e. based on remaining maturity and contract 

period, etc.), while maintaining the gap ratio at or below the target limit.

Each of WFG’s subsidiaries’ Risk Management Committees establishes liquidity policies and monitors 

liquidity on an on-going basis. The subsidiaries make constant adjustments to take into account the 

variables affecting their liquidity levels. The subsidiaries’ Risk Management Committees review the 

uses and sources of funds on a daily basis, taking into consideration the various goals of their 

respective business units.

In managing liquidity risk, each of WFG’s subsidiaries determines gap limits, implements those limits 

and monitors maturity gaps using its asset and liability management system. WFG also has in place 

group-wide gap limits for liquidity management purposes.
WFG 165(d) Reduced Resolution Plan 14 Public Section

5. Derivatives and Hedging Activities

WFG offers derivatives products and engages in derivatives trading, mostly for corporate customers, 

including:

 interest rate swaps, options and futures, relating principally to Korean Won (KRW) interest 

rate risks;

 index futures and options, relating to stock market fluctuations;

 cross currency swaps, relating to foreign exchange risks, largely for KRW against U.S.

dollars;

 foreign exchange forwards, swaps, options and futures, relating to foreign exchange risks;

 commodity derivatives, which we provide to customers that wish to hedge their 

commodities exposure; and

 credit derivatives, which we provide to financial institutions that wish to hedge existing 

credit exposures or take on credit exposure to generate revenue.

At the inception of a hedge relationship, WFG documents the relationship between the hedging 

instrument and the hedged item, along with its risk management objectives and its strategy for 

undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing 

basis, WFG documents whether the hedging instrument is highly effective in offsetting changes in fair 

values or cash flows of the hedged item.

WFG’s derivatives operations focus on addressing the needs of corporate customers to hedge their 

risk exposure and on hedging its risk exposure resulting from such customers’ contracts. WFG also 

engages in derivatives trading activities to hedge the interest rate and foreign currency risk exposure 

that arises from its own assets and liabilities positions.

Most of the derivatives described above are handled by WRB, but U.S entities do not use hedging 

strategiesthrough derivative products as of December 31, 2021.
WFG 165(d) Reduced Resolution Plan 15 Public Section

6. Memberships in Payment, Clearing and Settlement Systems

WFG’s U.S. operations hold memberships in financial market utilities (“FMUs”) for payment, clearing,

and settlement services, in order to conduct essential financial transactions.

The following Exhibit 6-1 includes the list of FMUs in which WFG’s U.S. operations hold memberships:

Exhibit 6-1: Financial Market Utilities for Payment, Clearing and Settlements by U.S. Legal Entity

Entity Holding 

Membership

System Description

WBNYA

Federal Reserve Funds Transfer System -

Fedwire Securities Service / Fedwire Funds 

Service 

U.S. Dollar Payment System / U.S. Clearing 

Securities Settlement / FI Depository

WBLAB

Federal Reserve Funds Transfer System -

Fedwire Securities Service / Fedwire Funds 

Service

U.S. Dollar Payment System / U.S. Clearing 

Securities Settlement / FI Depository

Wells Fargo Funds Transfer System - Wells 

Fargo CEO Securities Service /Wells Fargo 

CEO Service

U.S. Dollar Payment System / U.S. Clearing 

Securities Settlement / FI Depository

Society for Worldwide Interbank Financial 

Telecommunications - SWIFT Alliance

Interbank Financial Telecommunication

WAB

ACCEL The Exchange Network - FISERV ACCEL The Exchange Network - FISERV

Electronics Payments Network USD Payment System for processing ACH

Federal Reserve Check Clearing System Nationwide Check Clearing House

Federal Reserve Funds Transfer System -

Fedwire Securities Service / Fedwire Funds 

Service

USD Payment System / U.S. Clearing 

Securities Settlement / FI Depository

NYCE Corporation ATM Network

Society for Worldwide Interbank Financial 

Telecommunications - SWIFT Alliance

Interbank Financial Telecommunication

VISA Check Card USD Payment System

Part of visa check clearing

Turnkey Services for Zelle USD Payment System

Part of visa check clearing

(Source: WBNYA, WBLAB and WAB as of May, 2022)
WFG 165(d) Reduced Resolution Plan 16 Public Section

7. Description of Foreign Operations

WFG is organized under the laws of Korea, and operates an agency, a branch, and subsidiary in the 

U.S., and therefore is defined as a foreign-based Covered Company under the Regulation. WFG

provides international financial services primarily through its subsidiary, WRB.

As of December 31, 2021, WRB operates 14 branches, 8 branch offices and 4 offices overseas around 

the world. The principal activities of the overseas branches and subsidiaries of WRB are providing 

trade financing, letters of credit, local currency funding, and corporate loans to Korean-based 

companies as well as individual customers, and providing foreign exchange services in conjunction 

with the Head Office. On a limited basis, overseas branches and subsidiaries of WRB also engage in 

the investment and trading of securities.

While WFG does conduct businesses within the U.S., its operations and employees are predominately 

executed and located in Korea. Accordingly, the vast majority of revenues, profits, assets, and 

liabilities of WFG are also related to operations in Korea.

The summary of financials as of December 31, 2021 is as follows:

Exhibit 7-2: U.S. and Non U.S. Financial Information (in US$ millions)

Geographic Area Total Assets Net Income

U.S. 8,321 40

Non U.S.

(Including Korea)

367,906 2,284

(Source: FY 2021 Audit Reports of WBNYA, WBLAB and WAB under U.S.GAAP and FY 2021 WFG Form 20-F under K-IFRS)

8. Supervisory & Regulatory Authorities

WFG, including its subsidiaries and overseas operations, is subject to supervision and regulation under 

the applicable laws and regulations of the countries in which it operates.

WFG is supervised by the Financial Supervisory Service (“FSS”) and regulated by the Financial Services 

Commission (“FSC”) of Korea. Following FSC’s instructions and directives, FSS supervises and examines 

financial holding companies and their subsidiaries. In particular, FSS sets requirements relating to 

Korean financial holding companies’ liquidity and capital adequacy ratios and establishes reporting 

requirements within the authority delegated under FSC regulations. FSS assumes the primary 

responsibility for rulemaking and licensing while the FSS principally conducts prudential supervision, 

capital market supervision, consumer protection, and other oversight and enforcement activities as 

delegated or charged by the FSC. WFG’s operations in the U.S. are subject to various regulatory 

regimes. WBNYA is licensed by the state banking authority of the State of New York, and is therefore 

subject to regulation and examination by NYSDFS and FRB. WBLAB operates in the State of California

under the license granted by DFPI, and it is subject to regulatory examination by DFPI and FRB. WAB 

is regulated by NYSDFS, as its chartering authority, and also is regulated by FDIC as its primary federal 

banking regulator and as the insurer of its deposits.
WFG 165(d) Reduced Resolution Plan 17 Public Section

9. Principal Officers of Woori Financial Group

Exhibit 9-1: WFG Board of Directors

(Source: WFG Management as of March, 2022)

In addition to the standing director who is also WFG’s Chief Executive Officer, WFG currently has the 

following nine executive officers and three managing directors.

Exhibit 9-2: WFG Executive Officers 

Executive Officers

Name Title Function

Hwa-Jae Park President Business Support Group 

Sang-Wook Chun President Next Core Competencies Group 

Min-Cheol Shin Senior Deputy President Audit Unit 

Jin-Ho Noh Deputy President IT Unit 

Kyu-Mok Hwang Deputy President Brand Unit 

Seok-Young Chung Deputy President Risk Management Unit 

Jong-il Park Deputy President Strategy Planning Unit 

Byoung-Kwon Woo Deputy President and Compliance Officer Compliance Officer 

Sung-Wook Lee Deputy President Finance Planning Unit 

(Source: WFG Management as of May, 2022)

Exhibit 9-3: WFG Managing Directors 

Managing Directors

Name Title Function

Jong-Keun Lee Senior Managing Director Management Support Unit

Il-Jin Ouk Managing Director Digital Unit

Tae-Jeong Song Managing Director Brand Strategy Department

(Source: WFG Management as of May, 2022)

12 FY 2021 WFG Form 20-F under K-IFRS

The Board of Directors (“BoD”) support and monitor WFG’s strategic decision-making and overall 

business affairs on a regular basis. BoD of WFG is currently comprised of one standing director, one 

standing auditor, five outside directors and one non-standing director, each of whom were appointed 

to increase the relevant expertise and independence of the Board.12

Board of Directors

Name Title

Tae-Seung Sohn Standing Director

Won-Duk Lee Non-executive Director

Sung-Tae Ro Outside Director

Sang-Yong Park Outside Director

Chan-Hyoung Chung Outside Director

Dong-Woo Chang Outside Director

In-Sub Yoon Outside Director

Yo-Hwan Shin Outside Director

Soo-Young Song Outside Director
WFG 165(d) Reduced Resolution Plan 18 Public Section

10. Resolution Planning Corporate Governance Structure and Processes

WFG has integrated the resolution planning into its corporate governance structure and process to 

ensure that the Resolution Plan receives appropriate oversight from the relevant U.S. Business 

Approvers consisting of designated Senior Management officials, the Office of the U.S. Resolution 

Planning (“OUSRP”), the Global Business Support Department (“GBSD”) of WRB and the BoD. In the 

resolution planning process, OUSRP prepares the Resolution Plan with oversight from WRB GBSD.

Then, WRB GBSD reviewsthe Resolution Plan and submits it to the BoD of WFG through the Business 

Management Department of WFG, as well as a delegee acting under the express authority of the BoD,

for final approval.

In order to provide timely, credible and complete responses to supervisory resolution planning 

initiatives, WFG has established a governance framework both at the WFG level and at the U.S. 

operations level to ensure that all aspects of the Resolution Plan receive appropriate attention from 

all related parties. The primary objective of the framework is to establish a comprehensive governance 

and management process to oversee the preparation and maintenance of the Resolution Plan

required to be filed by WFG pursuant to the Regulation.

OUSRP was established as a working group within the U.S. with responsibilities including providing

day-to-day project management and functions for development, maintenance, implementation and 

updating the Resolution Plan as part of “business as usual” processes.

GBSD is an existing department of WRB responsible for oversight of the U.S. resolution planning 

process of WFGand the Resolution Plan submitted to the BoD of WFG (or its delegee) for final approval.

WRB GBSD provides review of the Resolution Plan and advises OUSRP on all issues relating to the Plan

of WFG.

The Resolution Plan is evaluated and approved by the BoD (or the delegee) in accordance with the 

requirements of the Regulation.
WFG 165(d) Reduced Resolution Plan 19 Public Section

11. Management Information Systems

WFG utilizes management information systems and applications to ensure timely access to accurate 

and comprehensive data, including those for regulatory reporting, risk management, financial 

management and operations. These systems include applications to conduct business activities across 

all financial products and to generate accounting, financial, operations, regulatory and risk 

management reports. Systems and applications are essential for effective operations and are 

managed through a business continuity approach. Some of the systems and applications are directly 

purchased from third-party vendors while others have been developed internally and are 

supplemented with third-party vendors.

The U.S. operations utilized multiple systems, management information reports and policies to aid in 

the preparation of the Resolution Plan. In general, information of a descriptive or qualitative nature 

was solicited through meetings with each department head or representative. The quantitative data 

was mainly derived from key internal and external reports.

12. High-Level Resolution Strategy Summary

As required by the Regulation, WFG has assumed that the resolution strategy for its U.S. operations 

in the event of the material financial distress or failure of WFG would be to pursue an orderly 

liquidation of WFG’s U.S. assets within its U.S. agency, branch and subsidiary. WFG’s key assumptions 

for the purpose of this Resolution Plan are as follows:

- An idiosyncratic event causes the failure of one or more major branches and subsidiaries of 

WFG, leading to material financial distress and the ultimate failure of WFG;

- There is no extraordinary government support available to WFG in the U.S. or in Korea that 

would affect the U.S. operations of WFG.

WBNYA operates under the license granted by the NYSDFS and is also subject to examination by and 

reporting to FRB. In resolution, WBNYA would be subject to a resolution process overseen by the 

Superintendent of NYSDFS, subject to Article 13 of the New York Banking Law.

WBLAB operates under a license granted by DFPI and is also subject to examination by and reporting 

to FRB. In resolution, WBLAB would be resolved by the Commissioner of DFPI under the California 

Financial Code.

WAB is an insured depository institution, and therefore, would be resolved under the Federal Deposit 

Insurance Act (“FDIA”) administered by FDIC. As the receiver under FDIA, FDIC would assume all the 

rights and powers of WAB’s Board of Directors, management and shareholders to operate the 

business, dispose of operations and assets, and resolve liabilities.