Edgar Filing: WOORI BANK

FOMR 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of April 2018

Woori Bank

(Translation of Registrant’s name into English)

51, Sogong-ro, Jung-gu, Seoul, 04632, Korea

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submission to furnish a report or other document that the registration foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Index

1.	Summary of 2017 Business Report

-	For the Woori Bank Audit Reports for Fiscal Year 2017, please refer to the exhibits to the Form 6-K filing furnished to the U.S. Securities and Exchange Commission on March 14, 2018.

Summary of 2017 Business Report

Table of Contents


I.	INTRODUCTION OF THE BANK		5

	1.	Overview of the Bank	5

	2.	Capital Structure (Changes in Capital)	9

	3.	Total Number of Authorized Shares	10

	4.	Voting Rights	10

	5.	Dividend Information	11

II.	BUSINESS OVERVIEW		12

	1.	Results of Operations	12

	2.	Business Performance by Operation	12

	3.	Funding Sources and Use of Funds	14

	4.	Other Information Necessary for Making Investment Decisions	17

III.	FINANCIAL INFORMATION		19

	1.	Condensed Financial Statements (Consolidated)	19

	2.	Condensed Financial Statements (Separate)	21

IV.	INDEPENDENT AUDITOR’S OPINION		23

	1.	Independent Auditor’s Opinion	23

	2.	Compensation to the Independent Auditor for the Past Three Years	23

V.	CORPORATE GOVERNANCE AND AFFILIATED COMPANIES		23

	1.	About the Board of Directors	23

	2.	Affiliated Companies (As of December 31, 2017)	25

VI.	SHAREHOLDER INFORMATION		26

	1.	Share Distribution	26

	2.	Stock Price and Stock Market Performance	29

VII.	DIRECTORS AND EMPLOYEE INFORMATION		30

	1.	Directors	30

	2.	Employee Status	31

	3.	Directors’ Compensation	31

VIII.	RELATED PARTY TRANSACTIONS		31

Except where indicated otherwise, financial information contained in this document (including the attached financial statements) has been prepared in accordance with the Korean equivalent of International Financial Reporting Standards (“Korean IFRS”), which differ in certain important respects from generally accepted accounting principles in the United States.

All references to “Woori Bank,” “we,” “us” or the “Bank” are to Woori Bank and, unless the context requires otherwise, its subsidiaries. In addition, all references to “Won” or “KRW” in this document are to the currency of the Republic of Korea.

I.	Introduction of the Bank

1.	Overview of the Bank

a.	History

(1)

Background: Major developments.


January 30, 1899		Established Daehancheonil Bank (Changed its name to The Commercial Bank of Korea on April 24, 1950)

July 3, 1909		The first bank in Korea to build modernized head office building ‘Gwangtonggwan’

March 31, 1915		Became main transaction bank of Gyeongsung (Present: Seoul Metropolitan City)

December 16, 1932		Established Chosun Trust Company (Changed its name to Hanil Bank on January 1, 1960)

March 3, 1956		The first company to be listed in KRX

June 10, 1959		Installed vault for women

November 11, 1968		The first Korean bank to open an overseas branch (Tokyo branch)

January 4, 1999		The Commercial Bank of Korea changed its name to Hanvit Bank after merging with Hanil Bank

March 27, 2001		Became a subsidiary of Woori Finance Holdings Co., Ltd. (“Woori Finance Holdings”)

December 31, 2001		Merged with the spun off banking division of Peace Bank of Korea

January 31, 2002		Transferred the credit card business of Hanvit Bank to Woori Card

May 20, 2002		Changed its name and C.I. to Woori Bank

July 31, 2003		Merged with Woori Investment Bank

March 31, 2004		Merged with Woori Credit Card

December 1, 2006		Officially launched Woori Global Markets Asia Limited

November 12, 2007		Established a local legal entity in China, Woori Bank China Ltd.

January 9, 2008		Established a local legal entity in Russia, ZAO Woori Bank

December 16, 2008		Issued 70,000,000 convertible preferred shares (par value KRW 5,000, issue price KRW 10,000)


April 1, 2009		Issued 60,000,000 common shares for increase in capital

December 15, 2009		Awarded Asian Financial Culture Grand Prize “Top Prize in Community Activities”

November 29, 2010		Acquired ‘IT service ISO 27001 Certificate’

April 25, 2012		Awarded “2012 Top Bank of Korea” by the Asian Banker for two consecutive years

September 25, 2012		Woori Brazil Bank began business

November 7, 2012		Awarded Grand Prize for the First Awards for Protection of Financial Consumers in 2012 by the Korea Economic Daily

November 29, 2012		Awarded Presidential Award sponsored by the Financial Supervisory Commission for “Anti-Money Laundering”

April 1, 2013		Spun off its credit card business

June 27, 2013		Number 1 in Korean Standard-Service Quality Index (KS-SQI) for three consecutive years

October 4, 2013		Selected by National Pension Fund as “Top Foreign Exchange Bank”

April 24, 2014		Became the First domestic bank to issue Basel III subordinated debt in foreign currency (USD 1 billion)

May 21, 2014		Awarded “Korea’s Top Bank in Money Management” by Asian Banker in 2014

June 30, 2014		Daehancheonil Bank materials designated as the 11th in National Records Designation System

August 1, 2014		The first Korean bank to launch ‘Woori Mobile Passbook’, enables to transact without passbook

November 1, 2014		Woori Finance Holdings merged with and into the Bank

November 19, 2014		Re-listed Woori Bank in KRX

February 26, 2015		PT. Bank Woori Saudara Indonesia officially launched

March 31, 2015		Commemoration of the 100 year partnership between Woori Bank and Seoul Metropolitan Government


April 19, 2015		Awarded ‘2015 Best Cash Management Bank in South Korea’ and ‘2015 Best Sub Custodian Bank in South Korea’ by Asian Banker

May 15, 2015		Launched ‘Incheon International Airport Branch’

May 26, 2015		Launched mobile-only bank, WiBee Bank

		WiBee Bank mobile loan products released

November 26, 2015		The first Korean bank to reach 200 global networks (Woori Finance Myanma)

January 13, 2016		The first Korean bank to start ‘iris scan ATM service’

January 19, 2016		Started debit card service in Bangladesh

February 3, 2016		Lanched WiBee Bank service in Indonesia, Vietnam and Brazil

May 2, 2016		The first Korean bank to open representative office in Iran

July 1, 2016		Launched mobile based ‘WiBee Members’

October 31, 2016		Acquired approval to launch subsidiary in Vietnam

November 13, 2016		The FSC announced the KDIC’s successful privatization efforts through the sales of a combined 29.7% ownership interest in Woori Bank to seven financial companies

December 8, 2016		Awarded ‘2016 Bank of the Year in Korea’ by Bankers

December 27, 2016		Reached 250^th global networks

January 5, 2017		The first Korean bank to launch ‘One-touch Notice’ in foreign languages

January 12, 2017		Selected as the 2016 Best Korean Wealth Management Provider by British magazine “World Finance”

February 5, 2017		The first Korean bank to Open office in Katowice, Poland

March 22, 2017		The first Korean bank to launch Korean film investment fund ‘Woori Bank-Company K Korean film investment fund’

March 28, 2017		Launched SORi, the first voice recognition AI banking service in Korea

June 8, 2017		Awarded “Best Transaction Bank” and “Top Bank in Money Management” by Asian Banker


June 21, 2017		Launched overseas remittance service with an Indonesian telecommunications company, the first in the Korean financial sector

June 28, 2017		Received a Presidential Citation for “social enterprise fosterage” from the Ministry of Employment and Labor, the sole recipient from the Korean financial sector.

July 12, 2017		Joint declaration to create jobs by management and labor force for the first time in the Korean financial sector

September 8, 2017		Woori Bank Vietnam launched a local credit card in collaboration with Woori Card

October 16, 2017		Selected by National Pension Fund as main transaction bank

November 30, 2017		Awarded ‘2017 Asia-Pacific Bank of the Year’ by Bankers

December 22, 2017		Inaugurated the 51^st President of the Bank, Tae-Seung Sohn

December 26, 2017		Exceeded 300 global networks

b.	Affiliated Companies

(1)

Overview of Business Group

Name of business group: Woori Bank

(2)

Affiliated companies within the business group

As of December 31, 2017


Type	Name of Company	(Controlling Company)
Company	Woori Bank	—

First Tier Subsidiaries (18 companies)	Woori Card (equity ownership 100.0%)	Woori Bank
	Woori Investment Bank (equity ownership 59.83%)
	Woori FIS (equity ownership 100.0%)
	Woori Private Equity Asset Management (equity ownership 100.0%)
	Woori Finance Research Institute (equity ownership 100.0%)
	Woori Credit Information (equity ownership 100.0%)
	Woori Fund Services (equity ownership 100.0%)
	Korea BTL Infrastructure Fund (equity ownership 99.87%)
	Woori America Bank (equity ownership 100.0%)
	PT. Bank Woori Saudara Indonesia (equity ownership 79.88%)
	AO Woori Bank (equity ownership 100.0% - 1 share)
	Woori Bank China Limited (equity ownership 100.0%)
	Woori Bank Brasil (equity ownership 100.0% - 1 share)
	Woori Finance Cambodia (equity ownership 100.0%)
	Woori Finance Myanmar (equity ownership 100.0%)
	Woori Wealth Bank Philippines (equity ownership 51%)
	Woori Bank Vietnam (equity ownership 100.0%)
	Woori Global Markets Asia Ltd. (equity ownership 100.0%)

Second Tier Subsidiaries (1 company)	TUTU Finance-WCI Myanmar (equity ownership 100.0%)	Woori Card

*	Listed Companies (3) : Woori Bank, Woori Investment Bank and PT. Bank Woori Saudara Indonesia

2.	Capital Structure (Changes in Capital)


As of December 31, 2017				(units: Won, shares)


Date	Category	Stock Decrease/Increase
Date	Category	Type		Quantity		Par Value		Issue price		Note
APR.1.2013	Capital reduction with compensation		Common		153,797,130		5,000		5,000	Capital reduction due to spin off of credit card business
APR.1.2013	Capital reduction with compensation		Preferred		15,469,070		5,000		10,000	Capital reduction due to spin off of credit card business
JUN.5.2013	Exercise of conversion rights		Common		54,530,930		5,000		10,000	Reduction of preferred shares due to exercise of rights to convert convertible preferred shares
JUN.5.2013	Exercise of conversion rights		Preferred		54,530,930		5,000		10,000	Increase in common shares due to exercise of rights to convert convertible preferred shares
NOV.3.2014	—		Common		596,690,380		5,000		5,000	Capital reduction due to the merger with Woori Finance Holdings
NOV.3.2014	—		Common		676,278,371		5,000		5,000	Increase in common shares (new issuance of shares) due to the merger with Woori Finance Holdings
OCT.2.2015	—		Common		278,371		5,000		—	Retirement of shares*

*	On October 2, 2015, 278,371 shares were retired and the total number of shares issued changed to 676,00,000 shares. There was no decrease to Woori Bank’s capital as the number of outstanding shares remains the same.

[Related Disclosure : Report on Form 6-K submitted by Woori Bank on September 30, 2015, entitled “Decision to Terminate Trust Agreement for Acquisition of Treasury Shares”]

3.	Total Number of Authorized Shares


As of December 31, 2017				(unit: shares)


Items	Type
Items	Common Shares		Total
Total number of shares authorized		5,000,000,000		5,000,000,000

Total number of shares issued to date		676,000,000		676,000,000

Number of treasury shares		2,728,774		2,728,774
Number of outstanding shares		673,271,226		673,271,226

*	Upon consummation of the merger with Woori Finance Holdings, 596,690,380 shares of the Bank were cancelled and 676,278,371 shares were newly issued according to the merger ratio.

*	On September 30, 2015 Woori Bank terminated its trust agreement and acquired 2,913,155 treasury shares which were deposited into Woori Bank’s treasury share account. On October 2, 2015, 278,371 of such acquired shares were retired.

[Related Disclosure : Report on Form 6-K submitted by Woori Bank on September 30, 2015, entitled “Decision to Terminate Trust Agreement for Acquisition of Treasury Shares”]

4.	Voting Rights


As of December 31, 2017				(unit: shares)


Items		Number of stock		Notes
Total number of shares issued	Common Shares		676,000,000		—
Total number of shares issued	Preferred Shares		—		—
Number of shares without voting rights	Common Shares		2,728,774		Note 1	)
Number of shares without voting rights	Preferred Shares		—		—
Number of shares for which voting rights are excluded pursuant to the articles of incorporation	Common Shares		—		—
	Preferred Shares		—		—
Number of shares for which voting rights are limited by law	Common Shares		17,454,546		Note 2	)
Number of shares for which voting rights are limited by law	Preferred Shares		—		—
Number of shares for which voting rights have been restored	Common Shares		—		—
Number of shares for which voting rights have been restored	Preferred Shares		—		—
Number of shares for which voting rights may be exercised	Common Shares		655,816,680		—
Number of shares for which voting rights may be exercised	Preferred Shares		—		—

Note 1) The shares without voting rights are treasury shares. Please see “I. Introduction of the Bank – 3. Total Number of Authorized Shares.”

Note 2) Pursuant to Article 16-2(2) of the Banking Act, a non-financial business operator is restricted from exercising voting rights in excess of 4% of the total number of outstanding voting shares of a bank.

5.	Dividend Information


Items		2017		2016		2015
Par value per share (Won)			5,000		5,000		5,000
Net profit (Millions of Won)			1,512,148		1,261,266		1,059,157
Earnings per share (Won)			1,999		1,567		1,301

Total cash dividends (Millions of Won)			403,963		269,308		336,636

Total stock dividends (Millions of Won)			—		—		—

Cash dividend payout ratio (%)			26.71		21.35		31.8
Cash dividend yield (%)	Common Shares		3.70		3.01		5.50
Cash dividend yield (%)	Preferred Shares		—		—		—
Stock dividend yield (%)	Common Shares		—		—		—
Stock dividend yield (%)	Preferred Shares		—		—		—
Cash dividend per share (Won)	Common Shares		600		400		500
Cash dividend per share (Won)	Preferred Shares		—		—		—
Stock dividend per share (Won)	Common Shares		—		—		—
Stock dividend per share (Won)	Preferred Shares		—		—		—

*	Based on K-IFRS consolidated financial statements

*	2015 and 2017 figures include interim dividends

II.

Business Overview

1.	Results of Operations


As of December 31, 2017				(unit: in 100 millions of Won)


Type	2017		2016		2015
Operating income		21,567		15,742		13,516
Non-operating income		1,679		1,690		3,140
Non-operating expenses		3,751		1,898		2,136
Ordinary profits		19,495		15,534		14,519
Income from continuing operations before income tax		19,495		15,534		14,519
Income tax expense from continuing operations		4,194		2,759		3,766
Income from discontinued operations		—		—		—
Net income		15,301		12,775		10,754

*	Based on K- IFRS consolidated financial statements

2.	Business Performance by Operation

a.	Deposit Services


As of December 31, 2017				(unit: in millions of Won)


Type		2017		2016		2015
Deposits received in local currency	Demand deposits		9,349,070		9,491,680		9,728,839
	Fixed deposits		194,289,437		183,723,169		175,598,100
	Mutual funds		34,055		37,128		40,888
	Subtotal		203,672,562		193,251,977		185,367,827
Deposits received in foreign currencies			23,682,755		21,452,943		19,129,193
CDs			4,399,817		3,808,856		2,417,790
Money trusts			1,401,841		1,360,176		1,304,268
Other deposits received			1,538,110		1,146,459		922,749

Total			234,695,084		221,020,411		209,141,826

*	Based on K- IFRS consolidated financial statements

b.	Loan Services

(a)

Balances of Loans by Type


As of December 31, 2017				(unit: in millions of Won)


Type	2017		2016		2015
Loans in local currency		200,213,230		191,309,481		185,154,851
Loans in foreign currencies		15,664,794		17,855,868		17,910,253
Guarantee payments		23,620		25,197		44,242

Total		215,901,645		209,190,547		203,109,346

*	Based on K- IFRS consolidated financial statements

(b)

Balances of Loans by Maturity


As of December 31, 2017				(unit: in millions of Won)


Type	1 year or under		Over 1 year ~ 3 years or under		Over 3 years ~ 5 years or under		Over 5 years		Total
Loans in local currency		96,148,629		34,778,329		9,134,924		58,442,741		198,504,623
Loans in foreign currencies		6,746,128		1,937,429		731,676		645,162		10,060,395

*	Based on K- IFRS separate financial statements

c.	Trust Business


As of December 31, 2017				(unit: in millions of Won)


Type	2017				2016				2015
Type	Trust Funds		Trust Fees		Trust Funds		Trust Fees		Trust Funds		Trust Fees
Money trust		30,131,764		139,025		26,019,180		73,814		23,980,475		49,973
Property trust		12,942,930		4,507		12,714,338		4,803		9,354,003		1,323

Total		43,074,694		143,532		38,733,518		78,617		33,334,478		51,296

*	Trust funds indicate average balances.

3.	Funding Sources and Use of Funds

a.	Source of Funds

[Bank Accounts]

(Unit: in millions of Won, %)


	Funding Source	2017						2016						2015
Classification	Funding Source	Average Balance		Interest Rate		Proportion		Average Balance		Interest Rate		Proportion		Average Balance		Interest Rate		Proportion
Local Currency funds	Deposits received in local currency		187,332,008		1.26		66.02		183,440,285		1.38		65.35		169,919,620		1.70		64.76
	Certificates of deposit		4,500,100		1.66		1.59		3,466,223		1.70		1.23		1,879,832		1.92		0.72
	Borrowings in local currency		6,213,903		1.32		2.19		6,709,080		1.45		2.39		6,689,135		1.77		2.55
	Call money in local currency		1,254,623		1.23		0.44		1,159,188		1.32		0.41		1,370,253		1.62		0.52
	Others		20,168,307		2.29		7.11		18,532,241		2.60		6.60		18,944,493		2.95		7.22

	Subtotal		219,468,941		1.37		77.34		213,307,017		1.50		75.98		198,803,334		1.82		75.77

Foreign Currency funds	Deposits received in foreign currencies		14,338,927		0.51		5.05		14,838,684		0.47		5.29		11,568,322		0.44		4.41
	Borrowings in foreign currencies		7,267,096		1.38		2.56		8,595,575		0.86		3.06		9,245,073		0.53		3.52
	Call money in foreign currencies		980,001		1.14		0.35		1,401,294		0.70		0.50		1,199,484		0.53		0.46
	Debentures in foreign currencies		3,649,805		3.11		1.29		3,950,614		2.54		1.41		4,851,289		2.72		1.85
	Others		574,786		0.14		0.20		531,877		0.29		0.19		650,409		0.66		0.25

	Subtotal		26,810,615		1.12		9.45		29,318,044		0.87		10.44		27,514,577		0.88		10.49

Others	Total capital		20,134,843		—		7.10		19,617,484		—		6.99		18,501,137		—		7.05
	Provisions		351,750		—		0.12		412,553		—		0.15		640,666		—		0.24
	Others		16,993,430		—		5.99		18,070,427		—		6.44		16,907,843		—		6.44

	Subtotal		37,480,023		—		13.21		38,100,463		—		13.57		36,049,647		—		13.74

Total			283,759,580		1.16		100		280,725,524		1.23		100.00		262,367,557		1.47		100.00

*	Based on K-IFRS separate financial statements

[Trust Accounts]

(Unit: in millions of Won, %)


Type	Funding Source	2017						2016						2015
Type	Funding Source	Average Balance		Interest Rate		Share		Average Balance		Interest Rate		Share		Average Balance		Interest Rate		Share
Cost	Money trusts		30,131,764		1.70		69.76		26,019,180		1.52		66.98		23,980,475		1.88		71.71
	Borrowings		—		—		—		—		—		—		—		—		—

	Subtotal		30,131,764		1.70		69.76		26,019,180		1.52		66.98		23,980,475		1.88		71.71

Non-cost	Property trusts		12,942,930		—		29.97		12,714,338				32.73		9,354,003				27.97
	Special reserves		39,082		—		0.09		38,160				0.10		37,989				0.11
	Other		76,821		—		0.18		72,810				0.19		70,265				0.21

	Subtotal		13,058,833		—		30.24		12,825,308				33.02		9,462,257				28.29

Total			43,190,597		—		100.00		38,844,488				100.00		33,442,732				100.00

b.	Fund Management Performance

[Bank Accounts]

(Unit: in millions of Won, %)


Type	Managed Item	2017								2016								2015
Type	Managed Item	Average Balance			Interest Rate		Share			Average Balance			Interest Rate		Share			Average Balance			Interest Rate		Share
Funds in local currency	Deposits in local currency		3,424,567			1.28		1.21			3,171,599			1.34		1.13			2,580,842			1.72		0.98
	Marketable securities in local currency		35,186,537			1.95		12.40			33,880,119			2.58		12.07			32,994,958			2.79		12.58
	Loans in local currency		194,161,817			3.05		68.42			189,079,324			3.10		67.35			176,631,188			3.42		67.32
	Guarantee payments		26,639			3.14		0.01			51,254			0.89		0.02			64,533			1.89		0.02
	Call loans in local currency		2,275,748			1.33		0.80			3,581,382			1.41		1.28			2,083,053			1.64		0.79
	Private placed ponds		185,092			5.94		0.07			247,292			5.19		0.09			280,702			5.98		0.11
	Credit card receivables		28			—		0.00			24			—		0.00			—			—		0.00
	Other		4,235,478			1.99		1.49			4,580,215			2.04		1.63			4,313,781			2.61		1.64
	Bad debt expense in local currency (-)		(1,284,188	)		—		(0.45	)		(1,925,177	)		—		(0.69	)		(2,482,955	)		—		(0.95	)

	Subtotal		238,211,718			2.85		83.95			232,666,033			2.98		82.88			216,466,103			3.31		82.50

Funds in foreign currencies	Deposits in foreign currencies		3,791,184			0.67		1.34			3,761,286			0.43		1.34			2,872,735			0.28		1.09
	Marketable securities in foreign currencies		2,735,707			1.07		0.96			1,752,884			1.13		0.62			1,375,146			1.51		0.52
	Loans in foreign currencies		10,790,442			2.51		3.80			13,371,873			1.95		4.76			14,206,736			1.65		5.41
	Call loans in foreign currencies		2,506,588			1.33		0.88			2,940,858			0.85		1.05			2,040,819			0.59		0.78
	Bills bought		7,417,500			1.88		2.61			7,110,164			1.53		2.53			6,899,811			1.38		2.63
	Other		48,472			2.50		0.02			13,829			9.72		0.00			17,047			6.96		0.01
	Bad debt expense in foreign currencies (-)		(332,301	)		—		(0.12	)		(312,211	)		—		(0.11	)		(191,224	)		—		(0.07	)

	Subtotal		26,957,590			1.85		9.50			28,638,685			1.51		10.20			27,221,069			1.37		10.38

Other	Cash		1,201,343			—		0.42			1,169,566			—		0.42			1,116,715			—		0.43
	Property and equipment for business purposes		2,352,466			—		0.83			2,325,893			—		0.83			2,328,130			—		0.89
	Other		15,036,463			—		5.30			15,925,347			—		5.67			15,235,540			—		5.81

	Subtotal		18,590,272			—		6.55			19,420,807			—		6.92			18,680,385			—		7.12

Total			283,759,580			2.57		100.00			280,725,524			2.62		100.00			262,367,557			2.87		100.00

*	Based on K-IFRS separate financial statements

[Trust Accounts]

(Unit: in millions of Won, %)


Type	Managed Item	2017							2016							2015
Type	Managed Item	Average Balance			Interest Rate		Share		Average Balance			Interest Rate		Share		Average Balance			Interest Rate			Share
Profit	Loans		27,539			3.62		0.06		23,088			4.21		0.06		19,482			4.05			0.06
	Securities		8,038,329			3.25		18.61		4,701,052			1.93		12.10		3,470,064			(0.57	)		10.38
	Other		22,962,574			1.47		53.17		22,237,766			1.63		57.25		21,231,787			2.00			63.49
	Reserves for bond ratings(-)		(45	)		0.00		0.00		(36	)		0.00		0.00		(68	)		0.00			0.00
	Present value discount(-)		(72	)		0.00		0.00		(215	)		0.00		0.00		(414	)		0.00			0.00

	Subtotal		31,028,325			1.93		71.84		26,961,655			1.68		69.41		24,720,851			1.64			73.92

Non-profit	Subtotal		12,162,272			—		28.16		11,882,833					30.59		8,721,881			—			26.08

Total			43,190,597			—		100.00		38,844,488			—		100.00		33,442,732			—			100.00

4.	Other Information Necessary for Making Investment Decisions

a.	Selected Ratios

BIS Capital Adequacy Ratios

(unit: in 100 millions of Won, % )


Type	2017		2016		2015
Equity capital (A)		226,032		229,005		210,514
Risk weighted assets (B)		1,467,622		1,497,281		1,540,709
Capital adequacy ratio (A/B)		15.40		15.29		13.66

*	BIS (Bank for International Settlements) Capital Adequacy Ratios : Equity capital / Risk weighted assets * 100

*	Based on K-IFRS consolidated financial statements and Basel III standards

Liquidity Ratios

(unit: %)


Type	2017		2016		2015
Liquidity coverage ratio (**)		101.23		109.61		106.67
Foreign currency liquidity coverage ratio(***)		103.77		—		—
Ratio of business purpose premises and equipment		13.49		13.49		14.37

*	Based on K-IFRS financial statements

**	2017: Based on average balance of December

2016 & 2015 : Based on ending balance of December

***	Newly introduced in 2017 (Current requirement is to be over 60% in 2017, target ratio increases every year by 10%, for the requirement to be over 80% in 2019)

2017: Based on average balance of December

b.	Asset Quality

(unit: in 100 millions of Won)


Type		2017			2016			2015
Total loans	Total		2,221,185			2,166,122			2,108,424

	Corporate		1,155,213			1,140,252			1,185,857

	Household		1,065,972			1,025,870			922,567

Sub-standard and below loans Sub-standard and below loan ratio	Total		18,396			21,121			31,009
	Total
			0.83	%		0.98	%		1.47	%

	Corporate		15,826			18,237			27,701
	Corporate		1.37	%		1.60	%		2.34	%
	Household		2,570			2,884			3,308
	Household		0.24	%		0.28	%		0.36	%
Delinquency ratio	Based on total loans (after seasonal adjustment)		0.34	%		0.46	%		0.82	%
	Based on total loans (after seasonal adjustment)		(0.38	%)		(0.52	%)		(0.93	%)
	Based on corporate loans (after seasonal adjustment)		0.45	%		0.61	%		1.39	%
	Based on corporate loans (after seasonal adjustment)		(0.49	%)		(0.66	%)		(1.57	%)
	Based on household loans (after seasonal adjustment)		0.28	%		0.31	%		0.39	%
	Based on household loans (after seasonal adjustment)		(0.31	%)		(0.33	%)		(0.43	%)

*	Based on K-IFRS separate financial statements

c.	Recent Developments

On November 1, 2014, the Bank merged with its holding company, Woori Finance Holdings, according to the resolution of the board of directors on July 28, 2014, to maximize the possibility of a successful privatization. New shares of the Bank, the surviving entity, were allotted and delivered to the shareholders of Woori Finance Holdings based on a 1:1.00000000 ratio.

Upon the consummation of the merger, 596,690,380 shares of the Bank were cancelled and 676,278,371 new shares were issued.

The major terms of the Merger are as follows:


Item	Details
Method of Merger	Merger of parent company with and into wholly-owned subsidiary
Merging entities	Woori Bank (surviving entity)
Merging entities	Woori Finance Holdings (non-surviving entity)
New shares issued in Merger	676,278,371 common shares
Schedule of the Merger	Date of the Merger	November 1, 2014
	Date of registration of Merger	November 3, 2014
	Delivery of share certificates	November 18, 2014
	Date of new listing of shares	November 19, 2014

III.

Financial Information

1.	Condensed Financial Statements (Consolidated)

Summary Consolidated Statement of Financial Position


(The Bank and its Consolidated Subsidiaries)				(unit: in millions of Won)


Classification	2017			2016			2015
ASSETS
Cash and cash equivalents		6,908,286			7,591,324			6,644,055
Financial assets at fair value through profit or loss		5,843,077			5,650,724			5,132,657
Available-for-sale financial assets		15,352,950			20,817,583			17,170,592
Held-to-maturity financial assets		16,749,296			13,910,251			13,621,640
Loans and receivables		267,106,204			258,392,633			244,842,062
Investments in joint ventures and associates		417,051			439,012			643,861
Investment properties		371,301			358,497			351,496
Premises and equipment		2,477,545			2,458,025			2,471,206
Intangible assets and goodwill		518,599			483,739			419,806
Assets held for sale		48,624			2,342			17,904
Current tax assets		4,722			6,229			6,782
Deferred tax assets		280,130			232,007			210,597
Derivative assets		59,272			140,577			183,128
Net defined benefit assets		—			70,938			—
Other assets		158,404			128,846			143,286

Total assets		316,295,461			310,682,727			291,859,072

LIABILITIES
Financial liabilities at fair value through profit or loss		3,427,909			3,803,358			3,460,561
Deposits due to customers		234,695,084			221,020,411			209,141,826
Borrowings		14,784,706			18,769,515			20,033,917
Debentures		27,869,651			23,565,449			21,898,859
Provisions		410,470			428,477			516,601
Net defined benefit liability		43,264			64,666			99,691
Current tax liabilities		232,600			171,192			108,943
Deferred tax liabilities		22,681			22,023			19,379
Derivative liabilities		67,754			7,221			—
Other financial liabilities		13,892,461			21,985,086			16,964,206
Other liabilities		283,981			299,376			305,174

Total liabilities		295,730,561			290,136,774			272,549,157

EQUITY
Owners’ equity		20,365,892			20,386,160			19,188,472
Capital stock		3,381,392			3,381,392			3,381,392
Hybrid securities		3,017,888			3,574,896			3,334,002
Capital surplus		285,880			286,331			294,259
Other equity		(1,939,274	)		(1,468,025	)		(1,547,303	)
Retained earnings		15,620,006			14,611,566			13,726,122
Non-controlling interests		199,008			159,793			121,443

Total equity		20,564,900			20,545,953			19,309,915

Total liabilities and equity		316,295,461			310,682,727			291,859,072

Number of Consolidated Subsidiaries		53			74			71

Summary Consolidated Statement of Comprehensive Income


(The Bank and its Consolidated Subsidiaries)				(unit: in millions of Won, except per share amounts)


Classification	2017			2016			2015
OPERATING INCOME:		2,156,742			1,574,206			1,351,586
Net interest income		5,220,650			5,019,544			4,761,900
Net fees and commissions income		1,070,466			937,131			976,796
Dividend income		124,992			184,510			102,923
Gain on financial instruments at fair value through profit or loss		(104,827	)		114,387			240,342
Gain on available-for-sale financial assets		192,708			(1,035	)		(3,281	)
Impairment losses due to credit loss		(785,133	)		(834,076	)		(966,646	)
General and administrative expenses		(3,530,801	)		(3,478,476	)		(3,150,387	)
Other net operating income (expenses)		(31,313	)		(367,779	)		(610,061	)
Non-operating income		(207,236	)		(20,817	)		100,360
Net income before income tax expense from continuing operations		1,949,506			1,553,389			1,451,946
Income tax expense from continuing operations		419,418			275,856			376,554
Net income		1,530,088			1,277,533			1,075,392
Net income attributable to owners		1,512,148			1,261,266			1,059,157
Net income attributable to the non-controlling interests		17,940			16,267			16,235
Other comprehensive income (loss), net of tax		(276,796	)		77,894			31,162
Items that will not be reclassified to profit or loss		10,497			34,162			(78,267	)
Items that may be reclassified to profit or loss		(287,293	)		43,732			109,429

Total comprehensive income		1,253,292			1,355,427			1,106,554

Comprehensive income attributable to the owners		1,249,057			1,332,614			1,094,870
Comprehensive income attributable to non-controlling interests		4,235			22,813			11,684
NET INCOME PER SHARE:		—
Basic earnings per common share		1,999			1,567			1,301
Diluted earnings per common share		1,999			1,567			1,301

2.	Condensed Financial Statements (Separate)

Summary Statement of Financial Position


(The Bank)		(unit: in millions of Won)


Classification	2017			2016		2015
ASSETS
Cash and cash equivalents		5,328,960			6,104,029		5,440,326
Financial assets at fair value through profit or loss		4,133,724			4,076,872		3,569,625
Available-for-sale financial assets		14,186,704			18,105,862		15,869,654
Held-to-maturity financial assets		16,638,727			13,792,266		13,527,452
Loans and receivables		248,810,624			241,508,048		231,083,160
Investments in subsidiaries and associates		4,148,795			3,779,169		3,730,247
Investment properties		350,235			348,393		344,892
Premises and equipment		2,374,590			2,342,280		2,341,506
Intangible assets		303,325			242,230		187,520
Assets held for sale		46,183			2,342		17,904
Current tax assets		—			—		—
Deferred tax assets		238,543			162,211		172,368
Derivative assets		59,272			140,577		183,128
Net defined benefit assets		—			70,938		—
Other assets		117,889			96,926		109,126

Total assets		296,737,571			290,772,143		276,576,908

LIABILITIES
Financial liabilities at fair value through profit or loss		3,416,978			3,793,479		3,448,180
Deposits due to customers		224,384,156			211,382,380		201,353,128
Borrowings		13,662,984			16,060,821		18,760,947
Debentures		21,707,466			18,166,057		17,259,749
Provisions		368,027			380,473		467,887
Net defined benefit liability		14,284			—		45,678
Current tax liabilities		212,376			148,672		77,190
Deferred tax liabilities		—			—		—
Derivative liabilities		12,103			7,221		—
Other financial liabilities		13,029,421			20,827,284		16,111,469
Other liabilities		135,686			153,238		163,362

Total liabilities		276,943,481			270,919,625		257,687,590

EQUITY
Capital stock		3,381,392			3,381,392		3,381,392
Hybrid securities		3,017,888			3,574,896		3,334,002
Capital surplus		269,533			269,533		269,533
Other equity		(135,282	)		138,542		106,016
Retained earnings		13,260,559			12,488,155		11,798,375

Total equity		19,794,090			19,852,518		18,889,318

Total liabilities and equity		296,737,571			290,772,143		276,576,908

Summary Statement of Comprehensive Income


(The Bank)		(unit: in millions of Won, except per share amounts)


Classification	2017			2016			2015
OPERATING INCOME:		1,790,558			1,270,501			1,090,372
Net interest income		4,390,603			4,222,447			4,052,479
Net fees and commissions income		931,021			842,883			856,343
Dividend income		125,599			220,015			169,009
Gain on financial instruments at fair value through profit or loss		(96,983	)		97,225			220,282
Gain on available-for-sale financial assets		135,003			35,525			(7,960	)
Impairment losses due to credit loss		(553,204	)		(640,443	)		(766,169	)
General and administrative expenses		(3,128,725	)		(3,115,371	)		(2,846,490	)
Other net non operating income (expenses)		(12,756	)		(391,780	)		(587,122	)
Non-operating income		(170,336	)		40,144			144,635
Net income before income tax expense		1,620,222			1,310,645			1,235,007
Income tax expense		344,110			245,043			300,418
Net income		1,276,112			1,065,602			934,589
Other comprehensive income (loss), net of tax		(65,666	)		32,526			(8,583	)
Items that will not be reclassified to profit or loss		16,566			33,191			(73,591	)
Items that may be reclassified to profit or loss		(82,232	)		(665	)		65,008

Total comprehensive income		1,210,446			1,098,128			926,006

NET INCOME PER SHARE:
Basic earnings per common share		1,648			1,277			1,116
Diluted earnings per common share		1,648			1,277			1,116

IV.

Independent Auditor’s Opinion

1.	Independent Auditor’s Opinion


	2017	2016	2015
Auditor	Deloitte Anjin LLC	Deloitte Anjin LLC	Deloitte Anjin LLC
Auditor’s Opinion	Unqualified Opinion	Unqualified Opinion	Unqualified Opinion

2.	Compensation to the Independent Auditor for the Past Three Years

a.	Audit Services


Term	Auditor	Description	Fee	Total Time
2017	Deloitte Anjin LLC	Closing audit	KRW 1,786 million		15,883 hours
		Interim audit (including internal accounting management system)			5,827 hours
		3Q review			4,880 hours
		1H review			4,061 hours
		1Q review			4,020 hours
2016	Deloitte Anjin LLC	Closing audit	KRW 1,561 million		7,515 hours
		Interim audit (including internal accounting management system)			4,210 hours
		3Q review			4,991 hours
		1H review			3,526 hours
		1Q review			3,920 hours
2015	Deloitte Anjin LLC	Closing audit	KRW 1,516 million		7,659 hours
		Interim audit (including internal accounting management system)			4,350 hours
		3Q review			3,785 hours
		1H review			3,836 hours
		1Q review			3,778 hours

b.	Non-Audit Services


Term	Date of Execution of Agreement	Description of Service	Service Term	Fees
2017	Mar.15.2017	Tax adjustment	Each quarter and end of term	KRW 120 million
2017	Mar.15.2017	PCAOB and SOX Auditing	May.1.2017 ~ Apr.30.2018	KRW 1,288 million
2016	Mar.28.2016	Tax adjustment	Each quarter and end of term	KRW 115 million
	Mar.28.2016	PCAOB and SOX Auditing	May.1.2016 ~ Apr.30.2017	KRW 1,127 million
	Mar.23.2016	Issuance of GMTN-related comfort letter	May. 2016	USD 100,000
2015	May.14.2015	Review of Japanese F/S related to Samurai bonds	May. and Sep.2015	KRW 74 million
	May.14.2015	Issuance of GMTN-related comfort letter	May. 2015	USD 110,000
	Apr.03.2015	Tax adjustment	Each quarter and end of term	KRW 110 million
	Apr.03.2015	PCAOB and SOX Auditing	May.1.2015~ Apr.30.2016	KRW 1,094 million
	Jan.05.2015	Issuance of GMTN-related comfort letter	Jan. 2015	USD 60,000

V.	Corporate Governance and Affiliated Companies

1.	About the Board of Directors

Composition of the Board of Directors

The board of directors consists of standing directors, outside directors and non-standing directors.

Committees under the Board of Directors

We currently have the following management committees serving under the board of directors:

(a)

Board of Directors Management Committee

(b)

Risk Management Committee

(c)

Compensation Committee

(d)

Audit Committee

(e)

Committee for Recommending Officer Candidates


Name of Committee	Composition	Names of Members
Audit Committee	Two outside directors, One standing auditor	Sang-Hoon Shin (outside director) Dong-Woo Chang (outside director) Jung-Sik Oh (standing director)

Board of directors management committee	One standing director, Five outside directors One non-standing director	Tae-Seung Sohn (standing director) Sung-Tae Ro (outside director) Sang-Hoon Shin (outside director) Sang-Yong Park (outside director) Zhiping Tian (outside director) Dong-Woo Chang (outside director) Kwang-Woo Choi (non-standing director)

Risk management committee	Three outside directors One non-standing director	Sung-Tae Ro (outside director) Sang-Yong Park (outside director) Zhiping Tian (outside director) Kwang-Woo Choi (non-standing director)

Compensation committee	Five outside directors One non-standing director	Sung-Tae Ro (outside director) Sang-Hoon Shin (outside director) Sang-Yong Park (outside director) Zhiping Tian (outside director) Dong-Woo Chang (outside director) Kwang-Woo Choi (non-standing director)

Committee for recommending officer candidates	One standing director, Five outside directors	Tae-Seung Sohn (standing director) Sung-Tae Ro (outside director) Sang-Hoon Shin (outside director) Sang-Yong Park (outside director) Zhiping Tian (outside director) Dong-Woo Chang (outside director)

*	The chairman of the board of directors and the chairmen and members of the committees were appointed at the first extraordinary board of directors’ meeting held on January 4, 2017.

2.	Affiliated Companies (As of December 31, 2017)

LOGO

VI.

Shareholder Information

1.	Share Distribution

a.	Share Information of the Largest Shareholder and Specially Related Parties

As of December 31, 2017

(units: shares, %)

Name

Relation

Type

Shares Held

Notes

Beginning balance

Ending balance

Stock

Share

Stock

Share

Korea Deposit Insurance Corporation (KDIC)

Largest

Shareholder

Common

157,977,161

23.37

124,604,797

18.43

Note 1)

Total

Common

157,977,161

23.37

124,604,797

18.43

Others

—

Note 1) Refer to ‘b. Changes in the largest shareholder’ for changes in the number and percentage of shares held by the KDIC

b.	Changes in the largest shareholder


As of December 31, 2017		(units: shares, %)


Change of Date	Largest Shareholder	Stock Held	Share	Notes
January 1, 2014	Woori Finance Holdings	596,690,380	100.00
November 1, 2014	Korea Deposit Insurance Corporation	385,285,578	56.79*	Merger date of Woori Finance Holdings and Woori Bank
December 8, 2014	Korea Deposit Insurance Corporation	345,142,556	51.04	Sale of stake
October 2, 2015	Korea Deposit Insurance Corporation	345,142,556	51.06	Change in the share ownership ratio due to the retirement of shares
December 1, 2016	Korea Deposit Insurance Corporation	239,097,161	35.37	Sale of stake (Tongyang Life Insurance, Eugene Asset Management, Mirae Asset Global Investments, Korea Investment & Securities)
December 8, 2016	Korea Deposit Insurance Corporation	185,017,161	27.37	Sale of stake (Kiwoom Securities, Hanwha Life Insurance)
December 14, 2016	Korea Deposit Insurance Corporation	157,977,161	23.37	Sale of stake ( IMM PE)
January 31, 2017	Korea Deposit Insurance Corporation	144,457,161	21.37	Sale of stake (IMM PE)
May 11, 2017	Korea Deposit Insurance Corporation	143,857,161	21.28	Exercise of Shinhan Investment Corp.’s call option (0.09%)
June 16, 2017	Korea Deposit Insurance Corporation	132,897,007	19.66	Exercise of call option of Employee Stock Ownership Association of Woori Bank (1.62%)
June 22, 2017	Korea Deposit Insurance Corporation	131,697,007	19.48	Exercise of NH Investment & Securities’ call option (0.18%)
June 27, 2017	Korea Deposit Insurance Corporation	130,697,007	19.33	Exercise of NH Investment & Securities’ call option (0.15%)
June 28, 2017	Korea Deposit Insurance Corporation	128,185,796	18.96	Exercise of NH Investment & Securities’ call option ( 0.37%)
July 3, 2017	Korea Deposit Insurance Corporation	126,935,796	18.78	Exercise of Hyosung Capital’s call option (0.18%)
September 28, 2017	Korea Deposit Insurance Corporation	125,205,147	18.52	Exercise of call option of Employee Stock Ownership Association of Woori Bank (0.26%)
December 7, 2017	Korea Deposit Insurance Corporation	124,604,797	18.43	Exercise of call option of Employee Stock Ownership Association of Woori Bank (0.09%)

*	Upon the consummation of the merger of Woori Finance Holdings with and into Woori Bank on November 1, 2014, 596,690,380 shares of the Bank were cancelled and 676,278,371 new shares were issued.

c.	Share Ownership of More Than 5%


As of December 31, 2017		(units: shares, %)


	Name	Shares				Notes
	Name	No. of shares		Percentage of shareholding		Notes
Share ownership of more than 5%	Korea Deposit Insurance Corporation		124,604,797		18.43		—
	National Pension Service		62,809,267		9.29		—
	Nobis1, Inc. (IMM PE)		40,560,000		6.00		—
Employee Stock Ownership Association			36,264,908		5.36		—

d.	Minority Shareholders

As of December 31, 2017


Items	Number of shareholders		Ratio(%)		Number of shares		Ratio(%)
Minority Shareholders		44,729		99.96		278,666,727		41.21

2.	Stock Price and Stock Market Performance

a.	Domestic Stock Market

(units: Won, shares)


Period		July 2017		August 2017		September 2017		October 2017		November 2017		December 2017
Common Stock	High		19,950		19,200		18,550		18,100		16,700		16,300
	Low		18,350		18,200		17,050		16,400		15,500		15,400
	Average		18,788		18,655		17,648		17,406		16,016		15,955
Monthly Trade Volume	High		3,304,943		6,655,577		2,954,925		2,935,518		2,855,053		3,272,458
	Low		896,910		629,366		907,532		838,703		727,854		788,707
	Monthly Total		36,423,732		36,919,458		31,593,313		25,597,320		36,186,699		24,046,612

*	Source: KRX KOSPI Market

*	Share prices are based on closing prices.

b.	Foreign Stock Market (NYSE)

(units: US Dollars, ADRs)



Period		July 2017		August 2017		September 2017		October 2017		November 2017		December 2017
ADR	High		53.50		51.85		49.53		47.76		45.32		45.72
	Low		48.25		47.80		44.49		43.90		41.20		42.88
	Average		50.15		49.72		46.31		46.32		43.34		44.58
Won Conversion	High		59,711		58,170		55,760		54,718		49,054		49,405
	Low		55,453		54,238		50,340		49,387		46,172		46,884
	Average		56,892		56,225		52,405		52,416		47,896		48,399
Monthly Trade Volume	High		65,900		40,800		38,500		56,800		52,300		83,400
	Low		2,600		3,100		5,600		4,500		1,300		5,100
	Monthly Total		293,200		314,500		305,600		309,500		276,600		445,100

*	Source: standard trading rate (daily and monthly average) (Seoul Money Brokerage, www.smbs.biz)

*	One ADR represents three common shares.

*	Share prices are based on closing prices.

VII.

Directors and Employee Information

1.	Directors and Executives

As of December 31, 2017

Position

Name

Common
Stock
Owned

Term
Commencement Date

Expiration of Term

President and CEO

Registered

Tae-Seung Sohn

10,296

December 22, 2017 ~

December 21, 2020

Standing Member of Audit Committee

Registered

Jung-Sik Oh

3,780

March 24, 2017 ~

Note 1)

Outside Director

Registered

Sung-Tae Ro

5,000

December 30, 2016 ~

December 30, 2018

Outside Director

Registered

Sang-Hoon Shin

15,000

December 30, 2016 ~

December 30, 2018

Outside Director

Registered

Sang-Yong Park

1,000

December 30, 2016 ~

December 30, 2018

Outside Director

Registered

Zhiping Tian

—

December 30, 2016 ~

December 30, 2018

Outside Director

Registered

Dong-Woo Chang

—

December 30, 2016 ~

December 30, 2018

Non-standing Director

Registered

Kwang-Woo Choi

—

March 25, 2016 ~

March 23, 2018

Note 2)

Executive Vice President

Non-Registered

An-Ho Jang

—

December 22, 2017 ~

December 8, 2018

Executive Vice President

Non-Registered

Woon-Haeng Cho

—

December 22, 2017 ~

December 8, 2018

Executive Vice President

Non-Registered

Seong-Il Park

—

February 3, 2017 ~

December 3, 2019

Executive Vice President

Non-Registered

Sun-Kyu Kim

—

February 3, 2017 ~

December 8, 2018

Executive Vice President

Non-Registered

Yeong-Bae Kim

—

December 22, 2017 ~

December 8, 2018

Executive Vice President

Non-Registered

Jeong-Jin Heo

—

December 22, 2017 ~

December 8, 2018

Executive Vice President

Non-Registered

Dong-Yeon Lee

8,000

December 22, 2017 ~

December 8, 2018

Executive Vice President

Non-Registered

Hyun-Poong Hong

—

December 22, 2017 ~

December 8, 2018

Executive Vice President

Non-Registered

Chai-Pong Cheong

—

December 22, 2017 ~

December 8, 2018

Executive Vice President

Non-Registered

Chang-Jae Lee

—

December 22, 2017 ~

December 8, 2018

Executive Vice President

Non-Registered

Jeong-Ki Kim

—

December 22, 2017 ~

December 8, 2018

Managing Director

Non-Registered

Tae-Joong Ha

—

February 3, 2017 ~

December 8, 2018

Managing Director

Non-Registered

Jong-In Lee

—

February 3, 2017 ~

December 3, 2019

Managing Director

Non-Registered

Won-Duk Lee

—

February 3, 2017 ~

December 8, 2018

Managing Director

Non-Registered

Hong-Sik Choi

—

December 22, 2017 ~

December 8, 2019

Managing Director

Non-Registered

Su-Hyeong Cho

—

December 22, 2017 ~

December 8, 2019

Managing Director

Non-Registered

Hwa-Jae Park

—

December 22, 2017 ~

December 8, 2019

Managing Director

Non-Registered

Myung-Hyuk Shin

1,000

December 22, 2017 ~

December 8, 2019

Managing Director

Non-Registered

Dong-Su Choi

—

December 22, 2017 ~

December 8, 2019

Managing Director

Non-Registered

Jong-Suk Jeong

December 22, 2017 ~

December 8, 2019

Managing Director

Non-Registered

Kyong-Hoon Park

—

December 22, 2017 ~

December 8, 2019

Managing Director

Non-Registered

Jong-Deuk Kim

—

December 22, 2017 ~

December 8, 2019

Managing Director

Non-Registered

Dae-Jin Lee

101

February 3, 2017 ~

December 8, 2018

Note 1) Date of the 2019 annual general meeting of shareholders

Note 2) Date of the 2018 annual general meeting of shareholders

Non-standing director Kwang-Woo Choi retired and Chang-Sik Bae was newly appointed as a non-standing director at 2018 anuual general meeting of shareholders

Note 3) President Tae-Seung Sohn acquired 5,000 shares on March 9, 2018and 5,000 shares on March 27, 2018.

Standing member of the Audit Committee Jung –Sik Oh acquired 1,732 shares on March 12, 2018 and 698 shares on March 30, 2018.

Outside director Sung-Tae Ro acquired 5,000 shares on March 27, 2018.

Outside director Sang-Yong Park acquired 1,000 shares on March 27, 2018.

Outside director Sang-Hoon Shin acquired 5,000 shares on March 27, 2018.

Note 4) Common stock owned by executives exclude stocks owned through the Employee Stock Ownership Association

Note 5) Term Commencement Date: The date of inauguration for registered directors, the date of appointment for non-registered directors

2.	Employee Status

As of December 31, 2017

(units: persons, millions of Won)

Number of Employees

Average
Tenure
Years

Total
Compensation

Average
Compensation
Per Person

Note

Regular

Contract

Total

(Short time
worker)

Total

(Short time
worker)

Total

13,845

208

613

107

14,458

16.3

1,251,807

*	Average years of continuous service excludes contract employees and locally hired employees overseas.

*	Excludes management salaries (sales center head or higher) and overseas salaries.

3.	Directors’ Compensation

As of December 31, 2017


		(units: persons, millions of Won)

Items	Number of Persons		Total Compensation		Average Compensation Per Director		Note
Registered Directors (excludes outside directors and audit committee members)		3		936		468
Outside Directors (excludes audit committee members)		3		203		68

Audit Committee Members		4		583		146

*	Number of persons : includes the outside directors and audit committee members that resigned in 2017

(As of December 31, 2017, there is two registered directors, three outside directors and three Audit Committee members)

*	Total compensation : cumulative amount paid from January to December of 2017

*	Average compensation per person : Total compensation / Total number of persons (excludes the President and CEO appointed on December 22. 2017)

*	Registered Directors include one non-standing director (There is no compensation paid to the non-standing director from the KDIC)

VIII.

Related Party Transactions

Extensions of Credit to Major Shareholders, Etc.

As of December 31, 2017

(unit: millions of Won)

Name

Item

Current
Balance

Origination
Date

Maturity
Date

Korea Deposit

Insurance Corporation

Loans

250,000

August 29, 2016

August 28, 2018

Loans

500,000

August 29, 2016

August 28, 2018

Bonds

29,999

January 22, 2013, etc.

January 22, 2018, etc.

Woori Investment Bank

Loans

25,000

March 10, 2016

March 2, 2018

CMA

100,000

July 1, 2017

June 30, 2018

Woori Card

Loans

250,000

April 1, 2013

March 2, 2018

Woori P&S

Loans

12,289

May 25, 2016

May 25, 2026

Loans

600

November 28, 2017

November 28, 2018

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	Woori Bank
	(Registrant)

Date: April 2, 2018	By:	/s/ Won Duk Lee
	(Signature)

	Name: Won Duk Lee
	Title: Managing Director