The ratings on Woori Bank (Woori; A-/Negative/A-2) take into consideration the collective credit profiles of Woori Financial Group (WFG), which includes Woori Finance Holdings Co. Ltd. (WFH; BBB+/Negative/A-2) and other subsidiaries, in view of the typical convergence of risks that occurs among subsidiaries of a common holding company. The ratings on Woori reflect its strong market position as the second-largest bank in Korea, whose banking system has undergone significant consolidation, supported by the extensive branch network of WFG. Woori had a deposit and loan market share of about 15% at the end of 2007. The bank also has a relatively strong corporate franchise, based on long-term relationships with clients. Woori maintains satisfactory capitalization for the current rating level. Woori's adjusted
