Woori Financial launches foundation for public interest

By Lee Min-hyung

Woori Financial Group headquarters in Seoul / Courtesy of Woori Financial Group

Woori Financial Group will launch a foundation dedicated to providing multilateral support to the socially vulnerable and young generation here, the company said Sunday.

The decision is part of Woori's group-wide efforts to fulfill the environmental, social and corporate governance (ESG) management. Under the plan, Woori's 15 affiliates will raise 20 billion won ($15.92 million) to carry out a series of projects for the public interest, the group said.

“We have decided to push ahead with the project by joining hands with Woori's 15 affiliates,” Woori Financial Group Chairman Son Tae-seung said. “Woori Financial Future Foundation will engage in a set of multiple public welfare projects, with a view to helping the vulnerable stand on their own feet and supporting the growth of the young generation.”

Woori's subsidiaries will also keep donating a certain portion of their operating profits for the foundation each year, so the foundation can continue to carry out social projects sustainably, according to the company.

This will be the second social foundation of the financial group. In 2012, Woori launched its first foundation ― Woori Multicultural Scholarship Foundation ― to strengthen its social responsibility in education, culture and public welfare. The group has since offered scholarships worth 4.5 billion won to around 4,700 people over the past decade since the foundation's launch. The foundation also organized a set of financial education programs for multicultural families here.

This year, the company also donated 7 billion won to the Community Chest of Korea.

“Woori's multiple social campaigns will generate synergy with the launch of the new foundation, enabling the group to offer support to every corner of society,” an official from the company said.