Business Context and Reporting Period
This Form 6-K filing by Woori Finance Holdings Co., Ltd. (Woori Financial Group Inc.) covers the month of July 2008, specifically dated July 22, 2008. The report discloses a corporate structural change involving the addition of a new second-tier subsidiary.
Key Financial Metrics
The filing provides financial data solely for the newly acquired subsidiary, Woori Absolute Global Opportunity Fund, as of July 21, 2008. Consolidated group financials are not included in this specific report.
| Metric | Value (KRW) | Value (USD) |
|---|---|---|
| Total Assets | 35,441,000,000 | 35,000,000 |
| Shareholders' Equity | 35,441,000,000 | 35,000,000 |
| Total Liabilities | 0 | 0 |
| Paid-in Capital | 354,410 | 350 |
Note: USD values are converted using the Bank of Korea exchange rate of July 21, 2008 (US$1.00 = KRW1,012.60).
Material Changes
- Acquisition of Subsidiary: On July 21, 2008, Woori Investment & Securities Co., Ltd. (a direct subsidiary of Woori Finance Holdings) acquired Woori Absolute Global Opportunity Fund as a wholly-owned subsidiary.
- Corporate Structure: Following this inclusion, the total number of subsidiaries under Woori Finance Holdings increased to 37.
- Entity Details: The new fund is an offshore financial company established in the Cayman Islands.
Outlook, Risks, and Management Commentary
Primary Business: The new subsidiary is mandated to manage investments in instruments related to foreign interest rates, foreign exchange, and related products.
Risks and Contingencies: The filing text does not provide specific commentary on risks, contingencies, or future guidance beyond the description of the new subsidiary's investment mandate.
Investor Verification Checklist
- Verify the impact of the new offshore fund on the group's overall risk profile regarding foreign exchange and interest rate exposure.
- Confirm the total consolidated asset base of Woori Finance Holdings to contextualize the 35.4 billion KRW asset size of the new subsidiary.
- Review subsequent filings to track the operational performance and investment returns of the Woori Absolute Global Opportunity Fund.
- Check the regulatory status of the Cayman Islands entity to ensure compliance with international banking standards.