Strong market position in Korea. Well-balanced and diversified loan portfolio. Improving track record of managing credit risks. Relatively moderate core earnings by international standards, despite some improvement in recent years. Potential pressure on asset quality from high household leverage in Korea. Less diversified non-banking businesses at the group compared with major domestic peers. The positive outlook on Woori Bank reflects our view that the Korea-based bank will likely sustain its improved risk management, such that its asset quality and credit costs remain comparable with that of major domestic bank peers. At the same time, the outlook also reflects our view that the bank and its parent group--Woori Financial Group (WFG)--will maintain their adequate capitalization amid the group's potential non-banking business
