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Summary: Woori Bank Oct 10
Standard & Poors, October 2010
The ratings on Woori Bank (Woori; A-/Stable/A-2) reflect its strong market position as Korea's second-largest bank and as a core operating subsidiary of Woori Finance Holdings Co. Ltd. (WFH; BBB+/Stable/A-2). The ratings are also supported by the bank's strong corporate banking business and good revenue contributions from nonbanking businesses at the group level. These strengths are offset by relatively large exposure to construction and real-estate/leasing businesses; relatively moderate capitalization against major domestic peers; and increased private-sector leverage amid potential interest rate increases in Korea. Woori Bank has a strong market position as the second-largest bank in Korea, supported by its extensive branch network across the nation. Woori's domestic market share of loans and deposits stood at about 14% in the...
Companies mentioned in this report are: Woori Bank
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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.