Woori Financial Group plans to set up a venture capital firm as part of its five-year plan to invest 33 trillion won ($28.3 billion) in innovative companies, according to industry sources on June 20.
The group, which has rebranded itself as a financial holding entity, will launch a VC unit this year to integrate dispersed efforts among subsidiaries and increase efficiency in discovering innovative startups and small and medium-sized enterprises.
Woori Bank headquaters in Seoul
As part of the group’s future investments, Woori Bank has been focusing on lending funds to new fintech companies while Woori Investment Bank and Woori Private Equity are leading investments to innovative firms in other sectors.
The financial group unveiled related plans to invest in innovative firms on June 17.
According to the five-year plan, the financial group will support innovative firms by allocating 2.1 trillion won in direct and indirect investments.
The plan also includes a 100 billion won fund to be created by Woori Bank, the financial holding firm’s flagship bank, next month to support innovative firms.
By Park Ga-young (firstname.lastname@example.org)