| Related Party Transactions |
|
RELATED PARTY TRANSACTIONS | Related parties of the Group as of December 31, 2024 and 2025, and assets and liabilities recognized, guarantees and commitments, major transactions with related parties and compensation to key management for the years ended December 31, 2024 and 2025 are as follows. Please refer to Note 1 4 for the details of joint ventures and associates.
| (1) |
Assets and liabilities from transactions with related parties are as follows (Unit: Korean Won in millions): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| Associates |
|
W Service Networks Co., Ltd. |
|
Loans |
|
|
51 |
|
|
|
30 |
|
|
|
Deposits due to customers |
|
|
3,054 |
|
|
|
3,009 |
|
|
|
Accrued expenses |
|
|
86 |
|
|
|
7 |
|
|
|
Other liabilities |
|
|
339 |
|
|
|
316 |
|
|
|
|
|
|
|
|
Korea Credit Bureau Co., Ltd. |
|
Loans |
|
|
1 |
|
|
|
— |
|
|
|
Deposits due to customers |
|
|
780 |
|
|
|
2,615 |
|
|
|
Accrued expenses |
|
|
13 |
|
|
|
— |
|
|
|
|
|
Other liabilities |
|
|
— |
|
|
|
10 |
|
|
|
|
|
|
|
|
Korea Finance Security Co., Ltd. |
|
Loans |
|
|
3,225 |
|
|
|
3,435 |
|
|
|
Loss allowance |
|
|
(43 |
) |
|
|
(23 |
) |
|
|
Deposits due to customers |
|
|
1,145 |
|
|
|
2,138 |
|
|
|
Other liabilities |
|
|
3 |
|
|
|
1 |
|
|
|
|
|
|
|
|
LOTTE CARD Co. Ltd. |
|
Loans |
|
|
27,913 |
|
|
|
26,880 |
|
|
|
Account receivables |
|
|
21 |
|
|
|
35 |
|
|
|
Loss allowance |
|
|
(297 |
) |
|
|
(295 |
) |
|
|
Derivative assets |
|
|
1,075 |
|
|
|
564 |
|
|
|
Other assets |
|
|
49 |
|
|
|
256 |
|
|
|
Deposits due to customers |
|
|
20,207 |
|
|
|
22,869 |
|
|
|
Accrued expenses |
|
|
— |
|
|
|
39 |
|
|
|
Derivative liabilities |
|
|
— |
|
|
|
807 |
|
|
|
|
|
Other liabilities |
|
|
273 |
|
|
|
289 |
|
|
|
|
|
|
|
|
K BANK Co., Ltd. |
|
Loans |
|
|
18 |
|
|
|
17 |
|
|
|
Account receivables |
|
|
32 |
|
|
|
9 |
|
|
|
Cash and cash equivalents |
|
|
— |
|
|
|
192 |
|
|
|
Other assets |
|
|
— |
|
|
|
43 |
|
|
|
|
|
Other liabilities |
|
|
193,719 |
|
|
|
158,668 |
|
|
|
|
|
|
|
|
Others (*) |
|
Loans |
|
|
38,819 |
|
|
|
42,903 |
|
|
|
Loss allowance |
|
|
(273 |
) |
|
|
(139 |
) |
|
|
Other assets |
|
|
66,088 |
|
|
|
9,116 |
|
|
|
Deposits due to customers |
|
|
3,575 |
|
|
|
2,259 |
|
|
|
Other liabilities |
|
|
232 |
|
|
|
541 |
|
| (*) |
Others include IGEN2022No. 1 Private Equity Fund and etc., as of December 31, 2024 and 2025. |
| (2) |
Gain or loss from transactions with related parties are as follows (Unit: Korean Won in millions): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
For the years ended
December 31 |
|
| Related parties |
|
Account title |
|
|
|
|
|
|
|
|
|
| Associates |
|
W Service Network Co., Ltd. |
|
Other income |
|
|
— |
|
|
|
35 |
|
|
|
37 |
|
|
|
|
|
Interest expenses |
|
|
35 |
|
|
|
37 |
|
|
|
30 |
|
|
|
|
|
Fees expenses |
|
|
552 |
|
|
|
483 |
|
|
|
280 |
|
|
|
|
|
Other expenses |
|
|
1,575 |
|
|
|
1,095 |
|
|
|
1,031 |
|
|
|
Korea Credit Bureau Co., Ltd. |
|
Interest expenses |
|
|
9 |
|
|
|
— |
|
|
|
10 |
|
|
|
|
|
Fees expenses |
|
|
4,047 |
|
|
|
3,986 |
|
|
|
5,228 |
|
|
|
|
|
Other expenses |
|
|
143 |
|
|
|
155 |
|
|
|
61 |
|
|
|
Korea Finance Security Co., Ltd. |
|
Interest income |
|
|
181 |
|
|
|
142 |
|
|
|
152 |
|
|
|
|
|
Interest expenses |
|
|
3 |
|
|
|
3 |
|
|
|
2 |
|
|
|
|
|
Provision (Reversal) of allowance for credit losses |
|
|
26 |
|
|
|
(32 |
) |
|
|
(22 |
) |
|
|
|
|
Other expenses |
|
|
33 |
|
|
|
25 |
|
|
|
25 |
|
|
|
LOTTE CARD Co., Ltd. |
|
Interest income |
|
|
10 |
|
|
|
1,586 |
|
|
|
1,525 |
|
|
|
|
|
Fees income |
|
|
4,164 |
|
|
|
4,019 |
|
|
|
4,103 |
|
|
|
|
|
Fees expenses |
|
|
— |
|
|
|
— |
|
|
|
1,382 |
|
|
|
|
|
Gain on derivatives |
|
|
— |
|
|
|
1,075 |
|
|
|
248 |
|
|
|
|
|
Loss on derivatives |
|
|
— |
|
|
|
457 |
|
|
|
1,318 |
|
|
|
|
|
Interest expenses |
|
|
5,665 |
|
|
|
4,127 |
|
|
|
2,593 |
|
|
|
|
|
Provision (Reversal) of allowance for credit loss |
|
|
(455 |
) |
|
|
11 |
|
|
|
15 |
|
|
|
K BANK Co., Ltd. |
|
Fees income |
|
|
190 |
|
|
|
269 |
|
|
|
171 |
|
|
|
|
|
Fees expenses |
|
|
339 |
|
|
|
— |
|
|
|
6 |
|
|
|
|
|
Other expenses |
|
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
|
|
Interest income |
|
|
682 |
|
|
|
844 |
|
|
|
2,233 |
|
|
|
|
|
Fees income |
|
|
15,295 |
|
|
|
53,562 |
|
|
|
32,348 |
|
|
|
|
|
Dividends income |
|
|
1,700 |
|
|
|
3,729 |
|
|
|
— |
|
|
|
|
|
Other income |
|
|
4,760 |
|
|
|
2,890 |
|
|
|
7,457 |
|
|
|
|
|
Interest expenses |
|
|
9,333 |
|
|
|
18,045 |
|
|
|
14,017 |
|
|
|
|
|
Other expenses |
|
|
836 |
|
|
|
1,612 |
|
|
|
— |
|
|
|
|
|
Provision (Reversal) of allowance for credit loss |
|
|
(27 |
) |
|
|
212 |
|
|
|
(264 |
) |
| (*) |
Others include Win Mortgage Co., Ltd. and etc., for the years ended December 31, 2023, 2024 and 2025. |
(3) |
Major loan transactions with related parties for the years ended December 31, 2023, 2024 and 2025 are as follows (Unit: Korean Won in millions): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
For the year ended December 31, 2023 |
|
| Related parties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Associates |
|
W Service Network Co., Ltd. |
|
|
120 |
|
|
|
483 |
|
|
|
495 |
|
|
|
— |
|
|
|
108 |
|
|
|
Korea Credit Bureau Co., Ltd. |
|
|
2 |
|
|
|
12 |
|
|
|
13 |
|
|
|
— |
|
|
|
1 |
|
|
|
Korea Finance Security Co., Ltd. |
|
|
3,433 |
|
|
|
2,911 |
|
|
|
3,116 |
|
|
|
— |
|
|
|
3,228 |
|
|
|
LOTTE CARD Co., Ltd. |
|
|
50,000 |
|
|
|
226,318 |
|
|
|
264,109 |
|
|
|
— |
|
|
|
12,209 |
|
|
|
K BANK Co., Ltd. |
|
|
3 |
|
|
|
218 |
|
|
|
167 |
|
|
|
— |
|
|
|
54 |
|
|
|
One Mortgage |
|
|
— |
|
|
|
262 |
|
|
|
247 |
|
|
|
— |
|
|
|
15 |
|
|
|
ARAM CMC CO.LTD |
|
|
— |
|
|
|
41 |
|
|
|
— |
|
|
|
— |
|
|
|
41 |
|
|
|
Godo Kaisha Oceanos 1 |
|
|
39,814 |
|
|
|
— |
|
|
|
— |
|
|
|
(1,693 |
) |
|
|
38,121 |
|
|
|
Woori Zip 1 |
|
|
11,819 |
|
|
|
— |
|
|
|
— |
|
|
|
(502 |
) |
|
|
11,317 |
|
|
|
Woori Zip 2 |
|
|
16,776 |
|
|
|
— |
|
|
|
— |
|
|
|
(713 |
) |
|
|
16,063 |
|
|
|
Central Network Solutions Co., Ltd. |
|
|
251 |
|
|
|
— |
|
|
|
251 |
|
|
|
— |
|
|
|
— |
|
(*) |
Payments that occurred for business reasons among related parties are excluded and net increase or decrease was used for limited credit loan. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
For the year ended December 31, 2024 |
|
| Related parties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Associates |
|
W Service Network Co., Ltd. |
|
|
108 |
|
|
|
475 |
|
|
|
532 |
|
|
|
— |
|
|
|
51 |
|
|
|
Korea Credit Bureau Co., Ltd. |
|
|
1 |
|
|
|
3 |
|
|
|
3 |
|
|
|
— |
|
|
|
1 |
|
|
|
Korea Finance Security Co., Ltd. |
|
|
3,228 |
|
|
|
2,705 |
|
|
|
2,708 |
|
|
|
— |
|
|
|
3,225 |
|
|
|
LOTTE CARD Co., Ltd. |
|
|
12,209 |
|
|
|
288,794 |
|
|
|
274,484 |
|
|
|
1,394 |
|
|
|
27,913 |
|
|
|
K BANK Co., Ltd. |
|
|
54 |
|
|
|
317 |
|
|
|
353 |
|
|
|
— |
|
|
|
18 |
|
|
|
Win Mortgage Co.,Ltd. |
|
|
15 |
|
|
|
243 |
|
|
|
250 |
|
|
|
— |
|
|
|
8 |
|
|
|
ARAM CMC CO.LTD |
|
|
41 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
41 |
|
|
|
Godo Kaisha Oceanos 1 |
|
|
38,121 |
|
|
|
— |
|
|
|
— |
|
|
|
649 |
|
|
|
38,770 |
|
|
|
Woori Zip 1 |
|
|
11,317 |
|
|
|
— |
|
|
|
11,227 |
|
|
|
(90 |
) |
|
|
— |
|
|
|
Woori Zip 2 |
|
|
16,063 |
|
|
|
— |
|
|
|
15,936 |
|
|
|
(127 |
) |
|
|
— |
|
| (*) |
Payments that occurred for business reasons among related parties are excluded and net increase or decrease was used for limited credit loan. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
For the year ended December 31, 2025 |
|
| Related parties |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Associates |
|
W Service Network Co., Ltd. |
|
|
51 |
|
|
|
403 |
|
|
|
424 |
|
|
|
— |
|
|
|
30 |
|
|
|
Korea Credit Bureau Co., Ltd. |
|
|
1 |
|
|
|
3 |
|
|
|
4 |
|
|
|
— |
|
|
|
— |
|
|
|
Korea Finance Security Co., Ltd. |
|
|
3,225 |
|
|
|
2,052 |
|
|
|
1,842 |
|
|
|
— |
|
|
|
3,435 |
|
|
|
LOTTE CARD Co., Ltd. |
|
|
27,913 |
|
|
|
12,531 |
|
|
|
13,213 |
|
|
|
(351 |
) |
|
|
26,880 |
|
|
|
K BANK Co., Ltd. |
|
|
18 |
|
|
|
256 |
|
|
|
257 |
|
|
|
— |
|
|
|
17 |
|
|
|
Win Mortgage Co.,Ltd. |
|
|
8 |
|
|
|
250 |
|
|
|
240 |
|
|
|
— |
|
|
|
18 |
|
|
|
ARAM CMC CO.LTD |
|
|
41 |
|
|
|
— |
|
|
|
41 |
|
|
|
— |
|
|
|
— |
|
|
|
Godo Kaisha Oceanos 1 |
|
|
38,770 |
|
|
|
22,921 |
|
|
|
64,002 |
|
|
|
2,311 |
|
|
|
— |
|
|
|
Woori Real Estate Investment No. 1 Limited Liability Company |
|
|
— |
|
|
|
42,885 |
|
|
|
— |
|
|
|
— |
|
|
|
42,885 |
|
| (*) |
Payments that occurred for business reasons among related parties are excluded and net increase or decrease was used for limited credit loan. |
| (4) |
Details of changes in major deposits due to customers with related parties for the years ended December 31, 2023, 2024 and 2025 are as follows (Unit: Korean Won in millions): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
For the year ended December 31, 2023 |
|
| Related parties |
|
|
|
|
|
|
|
|
|
|
|
|
| Associates |
|
W Service Networks Co., Ltd |
|
|
1,200 |
|
|
|
1,000 |
|
|
|
1,200 |
|
|
|
1,000 |
|
|
|
Partner One Value Up I Private Equity Fund |
|
|
100 |
|
|
|
— |
|
|
|
100 |
|
|
|
— |
|
|
|
Korea Credit Bureau Co., Ltd. |
|
|
3,000 |
|
|
|
— |
|
|
|
3,000 |
|
|
|
— |
|
|
|
One Mortgage |
|
|
— |
|
|
|
1,200 |
|
|
|
600 |
|
|
|
600 |
|
| (*) |
Details of payment between related parties, demand deposit due to customers and etc. are excluded. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
For the year ended December 31, 2024 |
|
| Related parties |
|
|
|
|
|
|
|
|
|
|
|
|
| Associates |
|
W Service Networks Co., Ltd |
|
|
1,000 |
|
|
|
2,000 |
|
|
|
2,000 |
|
|
|
1,000 |
|
|
|
Win Mortgage Co., Ltd. |
|
|
600 |
|
|
|
2,266 |
|
|
|
1,479 |
|
|
|
1,387 |
|
| (*) |
Details of payment between related parties, demand deposit due to customers and etc. are excluded. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
For the year ended December 31, 2025 |
|
| Related parties |
|
|
|
|
|
|
|
|
|
|
|
|
| Associates |
|
W Service Networks Co., Ltd |
|
|
1,000 |
|
|
|
— |
|
|
|
— |
|
|
|
1,000 |
|
|
|
One Mortgage |
|
|
1,387 |
|
|
|
3,529 |
|
|
|
3,564 |
|
|
|
1,352 |
|
|
|
Korea Credit Bureau Co., Ltd. |
|
|
— |
|
|
|
1,000 |
|
|
|
— |
|
|
|
1,000 |
|
| (*) |
Details of payment between related parties, demand deposit due to customers and etc. are excluded. |
| (5) |
There are no major borrowing transactions with related parties for the years ended December 31, 2024 and 2025. |
| (6) |
Guarantees provided to the related parties are as follows (Unit: Korean Won in millions): |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrantee |
|
|
|
|
|
|
|
|
|
| Korea Finance Security Co., Ltd. |
|
|
635 |
|
|
|
425 |
|
|
|
Unused loan commitment |
|
| Korea Credit Bureau Co., Ltd. |
|
|
34 |
|
|
|
35 |
|
|
|
Unused loan commitment |
|
| W Service Network Co., Ltd. |
|
|
129 |
|
|
|
150 |
|
|
|
Unused loan commitment |
|
| K BANK Co., Ltd. |
|
|
282 |
|
|
|
283 |
|
|
|
Unused loan commitment |
|
| LOTTE CARD Co., Ltd. |
|
|
498,400 |
|
|
|
478,300 |
|
|
|
Unused loan commitment |
|
| LOTTE CARD Co., Ltd. |
|
|
1,691 |
|
|
|
1,650 |
|
|
|
Confirmed Foreign
Currency Payment
Guarantee |
|
| Win Mortgage Co.,Ltd. |
|
|
42 |
|
|
|
32 |
|
|
|
Unused loan commitment |
| As of December 31, 2024 and 2025, the recognized payment guarantee provisions are 272 million Won and 289 million Won, respectively, in relation to the guarantees provided to the related parties above.
| (7) |
Amount of commitments with the related parties |
|
|
|
|
|
|
|
|
|
|
|
| Warrantee |
|
|
|
|
|
|
|
Warranty |
| NH Woori Newdeal Growth Alpha Private Equity Fund 1 |
|
|
15,906 |
|
|
|
819 |
|
|
Securities purchase commitment |
| Samsung Together Korea IPPF private securities investment trust 3 [Equity-FoFs] |
|
|
990,000 |
|
|
|
990,000 |
|
|
Securities purchase commitment |
| BTS 2nd Private Equity Fund |
|
|
1,854 |
|
|
|
1,234 |
|
|
Securities purchase commitment |
| STASSETS FUND III |
|
|
3,000 |
|
|
|
1,500 |
|
|
Securities purchase commitment |
| Synaptic Future Growth Private Equity Fund 1 |
|
|
3,443 |
|
|
|
1,624 |
|
|
Securities purchase commitment |
| IBK KIP Seongjang Dideemdol 1st Private Investment Limited Partnership |
|
|
4,664 |
|
|
|
4,664 |
|
|
Securities purchase commitment |
| Woori Seoul Beltway Private Special Asset Fund No.1 |
|
|
30,949 |
|
|
|
27,103 |
|
|
Securities purchase commitment |
| Woori Oncorp Corporate support of Major Industry General Type Private Investment Trust 2 |
|
|
60 |
|
|
|
255 |
|
|
Securities purchase commitment |
| Woori Asset Global Partnership Fund No.5 |
|
|
97,500 |
|
|
|
75,000 |
|
|
Securities purchase commitment |
| JC Assurance No.2 Private Equity Fund |
|
|
1,351 |
|
|
|
492 |
|
|
Securities purchase commitment |
| Crevisse Raim Impact 1st Startup Venture Specialist Private Equity Fund |
|
|
148 |
|
|
|
50 |
|
|
Securities purchase commitment |
| Woori Real Estate Investment No. 1 Limited Liability Company |
|
|
7,100 |
|
|
|
7,100 |
|
|
Securities purchase commitment |
| Woori Future Energy Private Special Asset Investment Trust(General) No.1 |
|
|
33,600 |
|
|
|
33,600 |
|
|
Securities purchase commitment |
| LOTTE CARD Co., Ltd. |
|
|
350,000 |
|
|
|
440,000 |
|
|
Derivative commitment |
| Woori IMM Green Net Zero Fund |
|
|
— |
|
|
|
21,099 |
|
|
Securities purchase commitment |
| Woori NH Co-Growth Private Equity Fund I |
|
|
— |
|
|
|
9,296 |
|
|
Securities purchase commitment |
| Woori PGIF4 General Type Private Special Asset Investment Trust No.1 |
|
|
— |
|
|
|
3,102 |
|
|
Securities purchase commitment |
| Woori GS West Street Strategic Solutions General Type Private Special Asset Investment Trust No.1 |
|
|
— |
|
|
|
15,820 |
|
|
Securities purchase commitment |
| Woori Global Secondary Private Placement Investment Trust No. 2 |
|
|
— |
|
|
|
2,948 |
|
|
Securities purchase commitment |
| Woori Productive Financing Education Infrastructure General Private Special Asset Investment Trust No.1 |
|
|
— |
|
|
|
20,000 |
|
|
Securities purchase commitment |
| (8) |
Major investment and Recovery transactions | Details of major investment and recovery transactions with related parties during the years ended December 31, 2024 and 2025 are described in Note 14.(2). There are no other significant investment and recovery transactions
| (9) |
Compensation for key management is as follows (Unit: Korean Won in millions): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the years ended December 31 |
|
|
|
|
|
|
|
|
|
|
|
| Short-term employee salaries |
|
|
22,626 |
|
|
|
34,676 |
|
|
|
23,700 |
|
| Retirement benefit service costs |
|
|
1,160 |
|
|
|
1,372 |
|
|
|
941 |
|
| Share-based compensation |
|
|
5,474 |
|
|
|
11,298 |
|
|
|
20,755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
29,260 |
|
|
|
47,346 |
|
|
|
45,396 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Key management includes executives and directors of Woori Financial Group and major subsidiaries, and also includes CEO of other subsidiaries. Outstanding assets from transactions with key management amount to 3,523 million Won and 3,203 million Won, as of December 31, 2024 and 2025 respectively and with respect to the assets, the Group has not recognized any allowance nor related impairment loss due to credit losses. Also, liabilities from transaction with key management amount to 69,372 million Won and 11,562 million Won, respectively, as of December 31, 2024 and 2025.
|