Woori Bank joins 'Equator Principles' to strengthen ESG management
Woori Bank joins 'Equator Principles' to strengthen ESG management
  • Kim Min-jee
  • 승인 2021.08.23 04:26
  • 댓글 0
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Woori Bank, a subsidiary of Woori Financial Group, announced on August 20 that it had signed up to the Equator Principles on August 18 to strengthen ESG management by establishing an environmental and social risk management system and fulfilling its responsibilities as a global financial institution.

The 'Equator Principles' is a voluntary agreement in which 118 financial institutions in 37 countries around the world are participating in not providing financial support to large-scale development projects that may cause environmental destruction or human rights violations.

The 'Equator Principles' applies to Project Financing (PF) of USD 10 million or more and Corporate Loans of USD 50 million or more.

Financial institutions that subscribe to the Equator Principles can provide financial support only if they meet the Equator Principles compliance review.

Woori Bank has been preparing for the establishment of a process for implementing the Equator Principles by forming a task force (TF) at the whole level to quickly join the Equator Principles.

In the future, the bank plans to systematically manage environmental and social risks that may arise from financial support such as large-scale project financing (PF).

“With this subscription to the Equator Principles, Woori Bank will not only establish an ESG management system that meets global standards, but also have competitiveness for sustainable management,” said Kwon Kwang-seok, president of Woori Bank. "In the future, the bank will continue to expand sincere and responsible ESG management by fulfilling its environmental and social responsibilities as a global financial institution."

Meanwhile, Woori Bank issued ESG bonds worth about KRW 900 billion won in the first half of this year. The bank is actively carrying out ESG management activities to fulfill its ESG vision, such as launching ‘Woori ESG Innovative Business Loan’, which provides loan limits and preferential interest rates for ESG companies.


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