Woori Financial Group Chairman Yim Jong-yong is set to embark on a five-day investor relations (IR) trip to Indonesia and Hong Kong, marking his first solo overseas IR initiative since taking office in March 2023.
The trip, scheduled from May 26 to 30, will focus on outlining Yim’s strategy for expanding group value following recent significant acquisitions. These include the purchase of Tongyang Life Insurance and ABL Life Insurance from China’s Dajia for approximately 1.54 trillion won ($1.1 billion).
Yim’s itinerary begins in Indonesia, where he will visit Bank Woori Saudara, a local subsidiary with 31 branches and 130 offices, alongside representatives from Woori Card. The purpose of this visit is to review the bank’s performance and boost staff morale. Bank Woori Saudara reported a net profit of 13.5 billion won in the first quarter, demonstrating its solid financial standing.
From May 28 to 30, Yim will host IR meetings in Hong Kong with major shareholders and institutional investors. The key agenda items include:
- Plans to strengthen synergies across the group’s banking, insurance, and securities arms
- Strategies to reduce Woori Bank’s dominant share of group earnings
- Updates on shareholder return policies and risk management frameworks
With regulatory approval now in place for the acquired insurance companies, Yim is expected to present Woori’s roadmap for evolving into a comprehensive financial services provider. He will also address investor queries regarding the macroeconomic outlook in Korea and its implications for the group.
This trip marks Yim’s first in-person overseas IR event since joint appearances in London and the Middle East in late 2023. According to a Woori official, the group’s foreign ownership rose by over 8 percentage points last year, with foreign shareholding standing at 45.2 percent as of Tuesday, up from 37.96 percent at the end of 2023.
