Woori Financial Group Inc. traces its modern origins to the financial turbulence of the late 1990s. Initially formed in 2001 through the government-mandated consolidation of four undercapitalized banks and an investment bank amid the Asian financial crisis, it rebranded as Woori Financial Group in 2019 after privatization efforts began reclaiming state ownership. Although formally listed in 2019, its flagship subsidiary, Woori Bank, has a lineage dating back to 1899, having evolved through names like Joseon Commercial Bank and Hanvit Bank before adopting the Woori identity in 2002.
Today, Woori stands as South Korea’s largest domestic banking group, offering an extensive range of services including retail, corporate, investment banking, wealth management, and insurance through its primary subsidiary and related entities . It operates both domestically and across international markets, extending its reach into places such as Vietnam, China, and the U.S., often targeting growth in fintech and digital banking initiatives. The group maintains a significant presence with over 34 overseas branches, and through its private equity arm, has engaged in substantial infrastructure investments, such as funding U.S. data centers alongside Natixis.
Beginning in 2021, it centralized its cloud strategy with a hybrid cloud platform shared across subsidiaries, reorganized IT governance to embed digital capabilities into core business domains, and strengthened its fintech ecosystem through partnerships such as blockchain-based custody services and metaverse trials . The group has also prioritized next-generation banking infrastructure, including building a “Digital Universe” IT hub in Namyangju to support AI, blockchain, and cloud integration slated for 2026–2028.
Woori continues expanding its geographic and technological footprint. It seeks sustained international growth—particularly in Southeast Asia—alongside transformation of its digital platforms like the super-app “New WON.” The company is also scaling private equity operations, with plans to grow its data-center investments via the Woori-Natixis fund, and furthering its fintech engagement through crypto custody and startup incubation efforts. These efforts, combined with a strong legacy in regulated banking and recent full privatization, position Woori to blend resilience with innovation in a changing global financial landscape.