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Home › Banks ›
Bank
Woori BankSouth Korea

Active

This profile is actively maintained
Last update: 2023-11-07 14:06:46
Woori Bank headquarters in Seoul, South Korea. Photo: Magneta5005 via Wikimedia Commons (CC BY SA 4.0)

Active

This profile is actively maintained
Last update: 2023-11-07 14:06:46
About
Website https://www.wooribank.com/
Headquarters
1-203, Hoehyeon-dong, Jung-gu
Seoul
South Korea
CEO/chair Cho Byung Kyu
CEO
Supervisor
Financial Supervisory Service (South Korea)
Ownership
listed on Korea Exchange

The bank is part of Woori Financial Group of which the complete shareholder structure can be accesssed here.

Woori Bank is a Korean multinational bank headquartered in Seoul. It is one of the four largest domestic banks in South Korea. It was originally founded in 1899 and after several renames and mergers, it finally adopted its current name in 2002. The bank offers services in consumer banking, corporate banking, investment banking and private equity. Woori Bank operates mainly in South Korea, but also via several overseas branches.

Sustainability
Commitments
Policies
Voluntary standards

Woori Bank's most important sustainability commitments can be found at the website sections listed below.

Links

ESG Management

ESG Principles/Policy
2023-11-07 00:00:00

Human rights principles

Date listed represents date as accessed on website
Bank policy
2023-11-07 00:00:00 | Woori Financial Group
2022-11-08 00:00:00

ESG Financing principles

Bank policy
2022-11-08 00:00:00 | Woori Financial Group
2021-08-26 00:00:00

Ethics management

Date listed represents date as accessed on website
Bank policy
2021-08-26 00:00:00 | Woori Bank
2021-08-26 00:00:00

ESG Management

Page 34 of 2020 Annual report
Bank policy
2021-08-26 00:00:00 | Woori Bank
Woori Bank has committed itself to the following voluntary standards:
Equator PrinciplesTags: Equator Principles | project finance | corporate social responsibility | sustainable development
Global Reporting InitiativeTags: sustainable development | human rights
Net-Zero Banking Alliance (NZBA)Tags: climate change | corporate social responsibility | energy | energy plants
Principles for Responsible Banking (PRB)Tags: climate change | corporate social responsibility | finance | sustainable development | United Nations | Voluntary Standards
Taskforce on Nature-related Financial Disclosures (TNFD)Tags: corporate social responsibility | finance
Dodgy Deals

Woori Bank is linked to a number of companies and projects that BankTrack considers controversial (so called Dodgy Deals), e.g. as a current or past financier or through an expression of interest. The profiles below provide more details on the nature of Woori Bank's link to these deals.

Projects / Companies
Finance type
Year
News
BankTrack
Partners
Blog
External
Blog
BankTrack news BankTrack blog Partner news Partner blog

Asian banks falling behind in implementation of UN Human Rights Principles, new BankTrack benchmark shows

New benchmark of 18 Asian banks shows human rights performance below the global average
2022-04-05 | Nijmegen | BankTrack
BankTrack news BankTrack blog Partner news Partner blog

Woori Bank adopts the Equator Principles

2021-08-18 | Woori Bank press release
BankTrack news BankTrack blog Partner news Partner blog

Decisions loom for Woori, Shinhan executives over Lime fiasco

2021-03-18 | The Korea Herald
Resources
Documents
2023-11-07 00:00:00

Human rights principles

Date listed represents date as accessed on website
Bank policy
2023-11-07 00:00:00 | Woori Financial Group
2023-06-12 00:00:00

Annual report 2022

Annual report
2023-06-12 00:00:00 | Woori Financial Group
2022-11-08 00:00:00

ESG Financing principles

Bank policy
2022-11-08 00:00:00 | Woori Financial Group
2022-08-16 00:00:00

CSR report 2021

Annual report
2022-08-16 00:00:00 | Woori Financial Group
2022-07-05 00:00:00

Annual report 2021

Annual report
2022-07-05 00:00:00 | Woori Financial Group
2021-08-26 00:00:00

Annual report 2020

Annual report
2021-08-26 00:00:00 | Woori Financial Group
2021-08-26 00:00:00

Ethics management

Date listed represents date as accessed on website
Bank policy
2021-08-26 00:00:00 | Woori Bank
2021-08-26 00:00:00

ESG Management

Page 34 of 2020 Annual report
Bank policy
2021-08-26 00:00:00 | Woori Bank
2021-07-30 00:00:00

CSR report 2020

Annual report
2021-07-30 00:00:00 | Woori Bank
Accountability
Grievances

Woori Bank does not operate a complaints or grievances channel for individuals or communities that might have been affected by the bank's finance.

Woori Bank is an Equator Principles signatory. While the Equator Principles have no official grievance mechanism, complaints relating to this bank's financing of Equator Principles projects can be filed through our own website www.equator-complaints.org.

This page evaluates Woori Bank's responses to instances of alleged human rights violations linked to its finance, raised by civil society organisations. It is not intended to be exhaustive, but covers selected impacts raised by BankTrack and other civil society partners since 2016. For the full scoring methodology, see here. For more information about BankTrack's evaluation of bank responses to human rights impacts, see the 2021 report "Actions speak louder: assessing bank responses to human rights violations".

Impacts reviewed
Responded?
Total score
Response
Action
Monitoring

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Banks and Climate

Banks and Climate

Partner organisation Reclaim Finance tracks the coal, oil and gas policies of financial institutions, including banks, in their Coal Policy Tool (CPT) and the Oil and Gas Policy Tracker (OGPT). BankTrack works closely with Reclaim Finance and endorses their policy assessments. Find further details on their assessment of Woori Bank’s fossil fuel policy below.

Assessment of Woori Bank's coal policy in the Coal Policy Tool

Assessment of Woori Bank's policies in the Oil & Gas Policy Tracker
Banks and Human Rights

Banks and Human Rights

BankTrack assessed Woori Bank in its 2022 Asia Human Rights Benchmark, where it achieved 5 points out of 14 and was ranked as a follower. More information is detailed in the "Accountability" section of this profile.

The BankTrack Human Rights Benchmark

Human Rights Benchmark Asia 2022

BankLast update
Country
Score
Ranking
Details
Woori Bank
KOR
5
Follower 5
0
South Korea
Score
Follower
5
Explanation

Woori Bank's human rights policies, processes and reporting were assessed as part of the BankTrack Human Rights Benchmark Asia 2022. The bank is assessed as a Follower, with a total score of 5 out of 14.

Policy: 2.5/3
Due dilligence: 1/5
Reporting: 1/3
Remedy: 0.5/3

Explanation
Laggard
Follower
Front runner
Leader
0 - 3 points
3.5 - 6 points
6.5 - 9 points
9.5 - 14 points
For more details see this page.
Banks and Putin's war in Ukraine

Banks and Putin's war in Ukraine

BankTrack is keeping track of the public response of Woori Financial Group to Russia's illegal invasion of Ukraine. Woori Financial Group did not publicly condemn the war. Woori Financial Group is considered by the Korea Times to be "scaling back" its operations in Russia. We consider its exposure to Russia as limited, with over $218m of financial assets. Woori Financial Group supports the Russian fossil fuel industry through investments. For further details, see the table linked below.

Bank responses to Russia's invasion of Ukraine
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Financial Exclusions Tracker Equator-Complaints.Org Fossil Banks No Thanks StopEACOP Forests & Finance Banks & Biodiversity Drop JBS Bank of Coal Don't Buy into Occupation
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