Woori Financial Group activated an emergency response system across all affiliates centered on the holding company after the United States carried out airstrikes on Iran. In preparation for a possible increase in volatility in the international financial markets, the group began reviewing liquidity conditions and trends in the foreign exchange and money markets.
Yim Jong-ryong, the chairman, ordered urgent inspections across all affiliates in four key areas under the group's policy that the more crisis-prone the situation, the more thoroughly it must prepare for market volatility and make every effort to protect customers: ▲ strengthening the financial market monitoring system ▲ ensuring the safety of employees working overseas ▲ supporting companies with Middle East-related transactions ▲ and checking cyber security.
Accordingly, Woori Financial Group is prioritizing the safety of group employees working in the Middle East, including Dubai and Bahrain, and is operating a step-by-step response system in line with changes on the ground, such as rechecking emergency contact networks and response manuals.
In addition, the group said it would prepare tailored financial support measures to minimize damage to companies with Middle East-related transactions and vulnerable small and midsize enterprises in case the situation drags on, while overhauling companywide security checks to guard against possible cyberattacks such as DDoS that could exploit the turmoil.
It also emphasized that all affiliates, including Woori Bank, will hold additional review meetings to establish a firm crisis response system and will conduct IR to actively communicate with the market so that domestic and foreign investors can feel secure.
A Woori Financial Group official said, "We see the Asian financial markets' reaction on the 2nd as an important inflection point and decided to continuously strengthen the emergency work system depending on how the situation develops," adding, "In step with market stabilization measures such as the financial authorities' activation of the 'Emergency Response Financial Market Team,' we will run a 24-hour monitoring system, and as a financial company, we will promptly and without fail join in any efforts needed for market stability."