vostok. In January 2014, the company completed the purchase of an additional 27% equity interest (in addition to the 6% equity interest that the company previously acquired through its subsidiary, PT. Bank Woori Indonesia) in PT. Bank Himpunan Saudara 1906, an Indonesian commercial bank with a network of approximately 100 branches and offices throughout Indonesia. Asset Management Trust Management Services Money Trusts: The company offers money trust products to its customers and manages the funds they invest in money trusts. The money trusts that the company manages are generally trusts with a fixed life that allow investors to share in the investment performance of the trust in proportion to the amount of their investment in the trust. The company principally offers various types of money trust products, such as retirement trusts, which invest funds received from corporations or organizations and manage these funds until they are withdrawn to pay retirement funds to a corporation’s officers or employees or an organization’s members; pension trusts, which invest funds received until pension benefits are due to be disbursed to a pension beneficiary; and specified money trusts, which invest cash received as trust property at the direction of the trustors, and once the trust matures, disburse the principal and any gains to the trust beneficiaries. The company also offers other types of money trusts that have differing characteristics with respect to, such as maturities and tax treatment. The company receives fees for its trust management services that are generally based upon a percentage, ranging between 0.01% and 2.0%, of the net asset value of the assets under management. The company also receives penalty payments when customers terminate their trust deposit prior to the original contract maturity. For some of the money trusts that the company manages, it has guaranteed the principal amount of an investor’s investment, as well as a fixed rate of interest. The company continues to offer pension-type money trusts that provide a guarantee of the principal amount of an investor’s investment. The trust assets that the company manages consist principally of investment securities, loans made from the trusts and amounts due from banks. The investment securities consist of government-related debt securities, corporate debt securities, including bonds and commercial paper, equity securities and other securities. The company’s money trusts also invest, to a lesser extent, in equity securities, including beneficiary certificates issued by investment trust management companies. Loans made by the company’s money trusts are similar in type to the loans made by its banking operations. Property Trusts: The company also offers property trust management services, where it manages non-cash assets in return for a fee. Non-cash assets include mostly receivables (including those securing asset-backed securities), real property and securities, but could also include movable property, such as artwork. Under these arrangements, the company renders escrow or custodial services for the property in question and collects fees in return. Trustee and Custodian Services Relating to Securities Investment Trusts The company acts as a trustee for approximately 1,365 securities investment trusts, mutual funds, and other investment funds. The company receives a fee for acting as a trustee and generally perform various functions, such as 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 Management of National Housing Fund The company is the 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-size
woori bank - spon adr (WF:New York)
Phone: 82 2 2002 3000
|No competitor information is available for WF.|
|View Industry Companies|
Sponsored Financial Commentaries
To contact WOORI BANK - SPON ADR, please visit www.wooribank.com. Company data is provided by Capital IQ. Please use this form to report any data issues.