Non-cash assets include receivables (including those securing asset-backed securities), real property, and securities, and could also include movable property, such as artwork. Under these arrangements, it renders escrow or custodial services for the property in question and collect fees in return. Investment Trust Management Through Woori Asset Management, the company offers investment trust products to its customers and manages the assets invested by them in investment trusts. The investment trust products it offers generally take the form of beneficiary certificates evidencing an ownership interest in a particular investment trust. The company offers various different types of investment trust products, including equity funds, where equity securities or equity-linked securities consist of approximately 60% or more of their assets; fixed income funds, where fixed income securities consist of 60% or more of their assets; hybrid funds, the assets of which include both fixed income and equity securities with no minimum requirement to hold either type of security, and which are classified as either fixed income- or equity-type hybrid funds depending on which type of securities constitute the majority of the assets held; money market funds, which invest mostly in short-term financial products, such as call loans, commercial paper, certificates of deposit and short-term treasury notes and corporate bonds; and alternative investment funds, which invest in derivatives, real estate, commodities, special assets, funds of funds and other assets. Trustee and Custodian Services Relating to Securities Investment Trusts The company, through Woori Bank, acts as a trustee for approximately 1,228 securities investment trusts, mutual funds, and other investment funds. It receives a fee for acting as a trustee and performs various functions, including receiving payments made in respect of such securities; executing trades in respect of such securities on behalf of the investment fund, based on instructions from the relevant investment fund management company; and in certain cases, authenticating beneficiary certificates issued by investment trust management companies and handling settlements in respect of such beneficiary certificates. Other Businesses Merchant Banking The company engages in merchant banking operations through Woori Bank. The merchant banking services it offers include commercial paper discounting, which entails purchasing at a discount notes that are issued, endorsed, or guaranteed by companies to supply them with short-term working capital; factoring financing, which entails purchasing at a discount trade receivables held by companies to supply them with capital; payment guarantees, which entail issuing guarantees in respect of notes in return for fees; and cash management account services, which offer accounts into which the accountholder might freely deposit or withdraw funds and for which returns from an investment portfolio purchased with such deposited funds are distributed as interest. Management of National Housing Fund The company is a lead manager of the National Housing Fund. The National Housing Fund provides financial support to low-income households in Korea by providing mortgage financing and construction loans for projects to build small- and medium-sized housing. The activities of the National Housing Fund are funded primarily by the issuance of national housing bonds, which must be purchased by persons and legal entities wishing to make real estate-related registrations and filings, and by subscription savings deposits held at the National Housing Fund. Bancassurance The company, through Woori Bank, Kyongnam Bank, and Kwangju Bank, markets a range of bancassurance products. Woori Bank has entered into bancassurance marketing arrangements with 26 insurance companies, including Samsung Life Insurance, Samsung Fire and Marine Insurance, Hanwha Life Insurance, Hyundai Fire and Marine Insurance and American International Assurance, and plans to enter into additional insurance product marketing arrangements with other insurance companies whose names and reputation are likely to
woori finance holdings-adr (WF:New York)
Phone: 82 2 2125 2000
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