The Financial Supervisory Service launched an on-site inspection of Woori Financial Group and Woori Bank over their social contribution activities. The Financial Supervisory Service plans to soon begin related inspections of the remaining financial holding groups as well.
According to the financial sector on the 10th, the Financial Supervisory Service's Bank Examination Department 1 has since the previous day been investigating Woori Financial Group and Woori Bank for the "status of social contribution activities and advertising operations."
The Financial Supervisory Service is said to be reviewing the status of social contribution activities at Woori Financial Group and Woori Bank and plans to examine how related advertising operations were booked as expenses. The Financial Supervisory Service also decided to conduct related inspections of the remaining financial holding groups, including Shinhan, KB, and Hana.
An official at the Financial Supervisory Service said, "It is not that there was a problem at Woori Financial Group and we went there first; we plan to inspect all four major financial holding groups as quickly as possible."
This inspection by the Financial Supervisory Service is seen as part of the Lee Jae-myung administration's push to strengthen the "public role of finance." President Lee Jae-myung said at a Cabinet meeting on May 6 that he believes the "public interest of financial institutions is too weak," and called for measures to bolster finance's public role. In response, the Financial Services Commission will hold a kickoff meeting of the Inclusive Finance Promotion Team on June 17 to seek ways to strengthen the public interest role of financial institutions.
Meanwhile, last year the banking sector provided a total of 2.156 trillion won in social contribution activities. That was an increase of 262.6 billion won (13.9%) from the previous year's 1.8934 trillion won.