In view of the typical convergence of risks that occur among subsidiaries of a common holding company, the ratings on Woori Bank (Woori) take into consideration the collective credit profiles of Woori Financial Group (WFG), which includes Woori Finance Holdings Co. Ltd. (WFH; BBB/Stable/A-2) and other subsidiaries. A supporting factor for the ratings on Woori is WFG's branch network, the third largest among Korea's domestic commercial banking groups. This coverage helps it maintain a relatively competitive market position for further growth and a stable funding base. Woori maintains a relatively strong corporate banking franchise, based on its long-term relationships with corporate clients. The bank's weaknesses include its comparatively moderate profitability and recent aggressive asset growth, as well as a revenue
