High net-interest margin compared with domestic competitors Third-largest distribution network among domestic commercial banking groups Relatively strong corporate banking division, characterized by long-term relationships with clients Recovering, but still moderate profitability at group level Asset risks higher than domestic peers Revenue structure biased toward net-interest income 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. Supporting factors for the ratings on Woori is WFG's branch network, the third largest among Korea's domestic commercial banking groups. This market coverage helps it maintain a
