Plans to Move into New Business Areas
Woori Bank announced on Feb. 14 that Bank Woori Saudara has acquired a BUKU3 rating from Otoritas Jasa Keuangan (OJK), a financial industry watchdog in Indonesia.
Indonesian financial authorities give BUKU1 to BUKU4 ratings to financial companies depending on the amount of capital. A BUKU 3 rating is given to a financial company with over 5 trillion rupiah (397 billion won) in basic capital. A higher BUKU rating means that a financial company can engage in a wider scope of business in Indonesia.
Bank Woori Saudara's basic capital stood at 5.2 trillion rupiah (413 billion won) at the end of 2020, satisfying the BUKU3 rating requirements. With the BUKU3 rating, Bank Woori Saudara plans to further expand its business areas by strengthening its bancassurance business and adding securities trust services.
"Bank Woori Saudara's acquisition of the BUKU3 rating has been achieved through the diversification of the digital finance-oriented business and the qualitative growth of its asset portfolio despite difficult business conditions due to the spread of COVID-19,” an Woori Bank official said.