Third-largest distribution network among domestic commercial banking groups Relatively strong corporate banking division, characterized by long-term relationships with clients Revenue structure biased toward net-interest income Modest, but falling net-interest margin due to aggressive asset growth strategy Potential risks from deterioration of credit quality and capitalization due to relatively aggressive asset growth trend 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.
