Woori Financial Group Launches 100 Billion Won Real Estate ⁤Project Financing Restructuring Support Fund

Woori Financial Group has ​announced the creation of a 100 billion won real estate project financing (PF) restructuring support fund, ‌aimed at supporting business ⁣operators seeking⁢ to ‌acquire auction sites with a rating of concern for insolvency.

The fund, totaling 100 billion won, ⁤will be raised through contributions from Woori‍ Bank (90 billion won), Woori Financial Capital (3 billion won), Woori Investment & ‍Securities (2 billion won), and Woori Asset Management (5 billion won). Woori Asset Management will ⁢serve as the management company.

Through this ‌initiative, Woori Financial Group aims to⁢ facilitate a ‌soft‌ landing for real estate PF and enhance the​ real estate finance-related operational capabilities of its subsidiaries participating⁤ in⁤ the fund.

This move follows the‌ creation of the ‘Woori Financial ‌Group PF Normalization Support Fund’ worth 53.5 billion won ⁣in ⁢March, which was injected into the market. Additionally, the company⁢ has participated in two blind funds invested ⁣by the Korea Asset ⁢Management⁤ Corporation, with a total investment of approximately 50 billion won, bringing the ​total investment in PF ⁣restructuring ⁢to​ 203.5 billion won⁢ this year.

A Woori Financial Group official⁢ stated, “By including PF auction sites in our fund investment targets for the first time in‌ the domestic financial sector, ‌we aim to support an orderly soft landing for PF. This is expected to serve as a ⁣catalyst for the quick normalization of the real estate PF market, while also enhancing the group’s asset management capabilities and generating ‌profits.”