|Woori Financial Group Chairman Sohn Tae-seung|
By Jhoo Dong-chan
Woori Financial Group Chairman Sohn Tae-seung is set to visit the Middle East, Europe and North America to meet and attract potential institutional investors.
According to Woori Financial Group, Sohn took off for the Middle East and Europe Wednesday and will continue his overseas roadshows in North America around the middle of this month.
He plans to visit North America once again by the end of this year to meet global major institutional investors there including pension funds. He will also meet investors in the Middle East and Europe after his tour to North America.
A series of Sohn’s IR tours abroad aim to strengthen the group’s networks with foreign and institutional investors, reflecting mounting uncertainties in the global financial market.
“A prolonged trade row between the U.S. and China has led to a global downturn. Central banks across the world are lowering their rates. This discourages investors’ confidence and has plunged share prices of Korea’s banks,” said a Woori Financial Group official.
“Sohn will emphasize the group’s solid earnings during his IR tours abroad. Woori Financial Group also clinched an important acquisition. This will boost the group’s future earnings. The group will continue its growth further. Sohn will share the group’s vision with foreign investors during his trips.”
In April, Woori Financial Group acquired a 65.74 percent stake in Kukje Asset Trust as part of the group’s efforts to diversify its business portfolio.
Established in 2007, Kukje attracted 23.6 trillion won ($19.5 billion) worth of trust money while posting a 31.5 billion won net profit last year.
Last month, Woori also raised 400 billion won by issuing subordinated corporate bonds. The firm issued 300 billion won worth of 10-year contingent convertible bonds and 100 billion won of eight-year bonds to strengthen the group’s cash reserve.