...February 7, 2025 HONG KONG (S&P Global Ratings) Feb. 7, 2025--We believe Woori Bank can gradually restore its dented reputation owing to some lapses in internal process and improperly extended loans with loosened underwriting standards. Korea-based Woori Bank (A+/Stable/A-1) has a well-established franchise and customer base that sustains its business stability. However, if such internal control risks further escalate and significantly threaten the bank's governance and ability to conduct business, the ratings could come under pressure. The parent, Woori Financial Group Inc. (WFG; unrated), and Woori Bank will continue implementing measures to strengthen corporate governance and supervision, in our view. Recent steps include setting up an ethics management office to oversee management's activities at the board level, enhancing internal control systems, and tighter lending rules and oversight to prevent loans from being improperly offered to relatives of senior executives across the group....
