Woori Financial Group said on the 30th it will launch "Group Co-investment Fund No. 1" within this year and move toward a shift to productive finance.
Woori Asset Management plans to launch a 200 billion won "Woori Future Co-growth Advanced Strategy Private Fund (tentative name)" funded directly by major subsidiaries including banking, securities, insurance, and capital.
The fund will focus investment on the 10 strategic industries outlined by the government: semiconductors, secondary batteries, artificial intelligence, bio and vaccines, aerospace and defense, and digital content.
To launch the fund, Woori Financial formed the Advanced Strategic Industry Finance Council last month with nine affiliates participating, collaborating at the group level.
In addition, Woori Investment & Securities plans to begin "venture capital investment" within the year. Aiming to supply practical venture capital to industries and corporations with strong growth potential, it seeks to provide optimal investment solutions that consider the sector and each corporation's growth stage.
To that end, Woori Financial said it is reviewing the timing and size of a capital increase for Woori Investment & Securities.
Choi Seung-jae, CEO of Woori Asset Management, said, "This is the first step to show the market how Woori Financial keeps its promise of productive finance," adding, "We will move quickly to invest in productive finance."