Business Context and Reporting Period
This Form 6-K filing by Woori Finance Holdings Co., Ltd. (Woori Financial Group Inc.) covers the month of November 2007. The report discloses the establishment of a new second-tier subsidiary, ZAO Woori Bank, effective November 22, 2007.
Key Financial Metrics
The filing provides summary financial information specifically for the new subsidiary, ZAO Woori Bank, as of its establishment date. Group-level consolidated financial metrics (revenue, profit, cash flow, debt) are not included in this specific filing.
| Metric | Value (KRW Millions) |
|---|---|
| Total Assets | 19,020 |
| Total Liabilities | 0 |
| Shareholder's Equity | 19,020 |
| Capital | 19,020 |
Note: The capital amount represents 500 million Russian Rubles translated at an exchange rate of RUB 1 = KRW 38.04.
Material Changes
- New Subsidiary: ZAO Woori Bank was added as a new second-tier subsidiary of Woori Finance Holdings Co., Ltd.
- Subsidiary Count: The total number of subsidiaries increased from 26 to 27 following this inclusion.
- Operational Shift: The existing Moscow Representative Office is expected to close upon the completion of the subsidiary's establishment.
Outlook, Risks, and Management Commentary
The filing notes that the establishment date (November 22, 2007) differs from the actual business starting date. ZAO Woori Bank is a wholly-owned subsidiary of Woori Bank, subject to Russian single shareholder limitations which require one share to be held by a related party. No specific guidance, risk factors, or unusual items regarding the parent company's future performance are detailed in this report.
Investor Verification Checklist
- Verify the actual business commencement date for ZAO Woori Bank, as it differs from the capital payment date.
- Confirm the status of the Moscow Representative Office closure.
- Review the consolidated financial statements of Woori Finance Holdings to assess the impact of the new subsidiary on group-level liquidity and leverage.