Business Context and Reporting Period
This Form 6-K filing by Woori Finance Holdings Co., Ltd. (Woori Financial Group Inc.) covers the month of October 2007. The report specifically addresses the inclusion of a new second-tier subsidiary, Woori Bank (China) Limited, effective October 26, 2007.
Key Financial Metrics
The filing provides summary financial data for the newly established subsidiary, Woori Bank (China) Limited, as of the establishment date. The parent company's consolidated financial metrics (revenue, profit, cash flow, margins, debt, and liquidity) are not included in this specific report.
| Item | Value (Won in millions) |
|---|---|
| Total Assets | 294,336 |
| Total Liabilities | Not provided |
| Shareholder's Equity | 294,336 |
| Capital | 294,336 |
Note: The capital amount represents RMB 2.4 billion translated at the exchange rate of RMB 1 = KRW 122.64.
Material Changes
- Subsidiary Expansion: Woori Finance Holdings increased its total number of subsidiaries from 25 to 26 with the addition of Woori Bank (China).
- Operational Restructuring: Existing branches of Woori Bank in China are being converted into branches of the new subsidiary, Woori Bank (China).
- Regulatory Status: The subsidiary received operation approval from the Chinese State Administration for Industry and Commerce on October 26, 2007, though this date differs from the actual business starting date.
Outlook, Risks, and Contingencies
The filing notes that the financial information for Woori Bank (China), including assets and liabilities, is subject to change as the conversion of Woori Bank's existing Chinese operations into branches of the new subsidiary is completed. No specific guidance, management commentary on future performance, or discussion of unusual items is provided in this document.
Investor Verification Checklist
- Verify the final consolidated financial impact once the conversion of existing Chinese branches is complete.
- Confirm the actual business starting date for Woori Bank (China) versus the regulatory establishment date.
- Monitor future filings for the full consolidated revenue and profit metrics of the parent company, which are absent in this report.
- Review the exchange rate sensitivity given the translation of RMB capital to KRW.