Edgar Filing: WOORI BANK

Form 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 March 2015

Woori Bank

(Translation of Registrant’s name into English)

51, Sogong-ro, Jung-gu, Seoul, 100-792, 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 x 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 2014 Business Report		3

For the Woori Bank Audit Reports for Fiscal Year 2014, please refer to the exhibits to the Form 6-K filing furnished to the U.S. Securities and Exchange Commission on March 12, 2015.

Summary of 2014 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	9

4.	Voting Rights	9

5.	Dividend Information	10

III. BUSINESS OVERVIEW		11

1.	Results of Operations	11

2.	Business Performance by Operation	11

3.	Funding Sources and Use of Funds	14

4.	Other Information Necessary for Making Investment Decisions	16

IV. FINANCIAL INFORMATION		19

1.	Condensed Financial Statements (Consolidated)	19

2.	Condensed Financial Statements (Separate)	21

V. INDEPENDENT AUDITOR’S OPINION		23

1.	Independent Auditor’s Opinion	23

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

VI. CORPORATE GOVERNANCE AND AFFILIATED COMPANIES		24

1.	About the Board of Directors	24

2.	Affiliated Companies (as of December 31, 2014)	25

VII. SHAREHOLDER INFORMATION		26

1.	Share Distribution	26

2.	Stock Price and Stock Market Performance	27

VIII. DIRECTORS AND EMPLOYEE INFORMATION		28

1.	Directors	28

2.	Employee Status	28

3.	Directors’ Compensation	29

IX. RELATED PARTY TRANSACTIONS		29

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.


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 22, 2003		Awarded Republic of Korea Corporate Image Grand Prize – Grand Prize for CI and First Prize for Knowledge Management

July 31, 2003		Merged with Woori Investment Bank

March 31, 2004		Merged with Woori Credit Card after its spin-off

September 7, 2004		Selected as 2004 Top Bank of Korea by British magazine “The Bankers”

November 4, 2005		Opened the first comprehensive financial office in the financial sector, “Woori Finance Plaza”

May 19, 2006		Established Korea BTL Infrastructure Fund

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

April 1, 2009		Selected as “Outstanding Company in Gender Equal Employment” sponsored by the Ministry of Labor

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



March 21, 2010		Woori Bank China Ltd. acquired qualification as a “settlement bank for Renminbi currency in international trade”

April 18, 2011		Woori Smile Microcredit executed an MOU to jointly support microcredit with the Ministry of Land, Transport and Maritime Affairs

August 24, 2011		Internet banking reached 10 million customers

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

August 30, 2012		Awarded 2012 Asia PB Top Award by Asia Economic Daily

September 25, 2012		Woori Brazil Bank began business

October 11, 2012		Selected as “Top Financial Institution for Anti-Money Laundering”

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”

December 6, 2012		Awarded “2012 Grand Prize for Small Loan Financing”

December 13, 2012		Awarded Grand Prize for “2012 Aju Economy and Finance Award”

January 17, 2013		Awarded Grand Prize for Top Customer Service

March 27, 2013		Awarded Grand Prize for Woori Bank “Two Chairs” PB services for four consecutive years

April 1, 2013		Spun off its credit card business

June 14, 2013		Inaugurated the 48th President of the Bank, concurrently holding the position of the 6th President of Woori Finance Holdings

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”

December 19, 2013		Awarded “Grand Prize for Small Loan Finance” sponsored by the FSS



January 3, 2014		Awarded final approval to acquire Indonesia’s Saudara Bank 115th anniversary of the establishment of the Bank

January 9, 2014		Awarded “2014 Grand Award for Customer Service”

February 21, 2014		Awarded Grand Prize for “Republic of Korea Top Bank”

March 26, 2014		The Bank re-selected as “the main bank for the City of Seoul”

March 29, 2014		Hansae Basketball team, the professional women’s basketball team, won the “overall championship for 2013-14”

April 1, 2014		Established business agreement with Ministry of Health and Welfare for promotion of philanthropic culture

April 17, 2014		Woori Short Term National/Public Bond Fund reached KRW 100 billion in commitments

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

May 29, 2014		Executed business agreement with the Patent Office for promotion of IP finance

June 2, 2014		Executed business agreement with Korea Housing Guarantee Co., Ltd. for dealing and managing “Guaranteed Standard PF Loans”

June 26, 2014		The Bank selected by the Ministry of Trade, Industry and Energy as the exclusive bank for “R&D Project Development”

July 28, 2014		The Bank’s board of directors approves the merger between Woori Finance Holdings and Woori Bank (the “Merger”)

September 30, 2014		The KDIC announced the sale of the controlling stake (30%) in Woori Bank

October 10, 2014		The first Korean bank to issue Yuan-denominated bonds

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

November 10, 2014		Opened office in Vladivostok, Russia

December 30, 2014		Inaugurated the 49th President of the Bank, Kwang-Goo Lee

		Awarded final approval to merge PT. Bank Woori Indonesia with Saudara Bank

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, 2014


Type	Name of Company	Controlling Company	Notes
Company	Woori Bank	Korea Deposit Insurance Corporation	1 company
First Tier Subsidiaries	Woori Card (equity ownership 100.0%)	Woori Bank	15 companies
	Woori Investment Bank (equity ownership 58.15%)
	Woori FIS (equity ownership 100.0%)
	Woori Private Equity (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%)
	Woori America Bank (equity ownership 100.0%)
	Woori Bank China Limited (equity ownership 100.0%)
	PT. Bank Woori Saudara Indonesia (equity ownership 74.02%)
	ZAO Woori Bank (equity ownership 100.0% - 1 share)
	Woori Bank Brasil (equity ownership 100.0% - 1 share)
	Woori Global Markets Asia Ltd. (equity ownership 100.0%)
	Woori Finance Cambodia (equity ownership 100.0%)
	Korea BTL Infrastructure Fund (equity ownership 99.85%)
Second Tier Subsidiaries	Woori Private Equity Fund (equity ownership 2.94%)	Woori Private Equity	3 companies
	Woori Blackstone Korea Opportunity Private Equity Fund No.1 (equity ownership 4.95%)
	Woori Columbus Private Equity Fund No.1 (equity ownership 1.95%)

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

2.	Capital Structure (Changes in Capital)


As of December 31, 2014				(units: Won, shares)


		Stock Decrease/Increase
Date	Category	Type	Quantity		Par Value		Issue price		Note
12.16.2008	Capital increase for consideration (shareholder allocation)	Preferred		70,000,000		5,000		10,000	Convertible preferred shares
4.1.2009	Capital increase for consideration (shareholder allocation)	Common		60,000,000		5,000		5,000
4.1.2013	Capital reduction with compensation	Common		153,797,130		5,000		5,000	Capital reduction due to spin off of credit card business
4.1.2013	Capital reduction with compensation	Preferred		15,469,070		5,000		10,000	Capital reduction due to spin off of credit card business
6.5.2013	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
6.5.2013	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
11.3.2014	—	Common		596,690,380		5,000		5,000	Capital reduction due to the merger with Woori Finance Holdings
11.3.2014	—	Common		676,278,371		5,000		5,000	Increase in common shares (new issuance of shares) due to the merger with Woori Finance Holdings

3.	Total Number of Authorized Shares


As of December 31, 2014				(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		676,278,371		676,278,371
Number of treasury shares		3,007,144		3,007,144
Number of outstanding shares		673,271,227		673,271,227

*	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.

4.	Voting Rights


As of December 31, 2014				(unit: shares)


Items		Number of stock		Notes
Total number of shares issued	Common Shares		676,278,371		—
Total number of shares issued	Preferred Shares		—		—
Number of shares without voting rights	Common Shares		3,007,144		—
Number of shares without voting rights	Preferred Shares		—		—
Number of shares for which voting rights are excluded pursuant to the articles of incorporation	—		—		—
Number of shares for which voting rights are limited by law	—		—		—
Number of shares for which voting rights have been restored	—		—		—
Number of shares for which voting rights may be exercised	Common Shares		673,271,227		—
Number of shares for which voting rights may be exercised	Preferred Shares		—		—

5.	Dividend Information


Items		2014		2013			2012
Par value per share (Won)			5,000		5,000			5,000
Net profit (Millions of Won)			1,213,980		(537,688	)		1,496,246
Earnings per share (Won)			1,621		(704	)		1,895
Total cash dividends (Millions of Won)			336,636		—			173,306
Total stock dividends (Millions of Won)			—		—			—
Cash dividend payout ratio (%)			27.7		—			11.6
Cash dividend yield (%)	Common Shares		4.6		—			—
Cash dividend yield (%)	Preferred Shares		—		—			—
Stock dividend yield (%)	Common Shares		—		—			—
Stock dividend yield (%)	Preferred Shares		—		—			—
Cash dividend per share (Won)	Common Shares		500		—			169
Cash dividend per share (Won)	Preferred Shares		—		—			800
Stock dividend per share (Won)	Common Shares		—		—			—
Stock dividend per share (Won)	Preferred Shares		—		—			—

*	Based on K-IFRS consolidated financial statements

*	2013 figures were revised to conform to the consolidated financial statements (which reflect the accounting effect of the merger of Woori Finance Holdings with and into Woori Bank in 2014). 2012 figures are based on pre-merger Woori Bank figures.

III.

Business Overview

1.	Results of Operations

As of December 31, 2014

(unit: in 100 millions of Won)


Type	2014		2013			2012
Operating income		8,977		2,396			16,990
Non-operating income		1,871		1,753			1,861
Non-operating expenses		2,505		1,272			1,097
Ordinary profits		8,344		2,877			17,753
Income from continuing operations before income tax		8,344		2,877			17,753
Income tax expense from continuing operations		2,882		351			3,267
Income from discontinued operations		6,618		(9,660	)		—
Net income		12,080		(7,134	)		14,486

*	Based on K-IFRS consolidated financial statements

*	2013 figures were revised to conform to the consolidated financial statements (which reflect the accounting effect of the merger of Woori Finance Holdings with and into Woori Bank in 2014).

2.	Business Performance by Operation

a.	Deposit Services

As of December 31, 2014

(unit: in millions of Won)


Type		2014			2013			2012
Deposits received in local currency	Demand deposits		10,090,773			11,690,841			10,690,028
Deposits received in local currency	Money trusts		1,281,539			1,236,844			898
	Fixed deposits		161,697,250			146,131,999			140,593,204
	Mutual funds		46,072			53,189			64,959
	CDs		740,090			3,297,551			1,144,569
	Other deposits received		762,896			690,908			4,458,862
Deposits received in foreign currencies			13,902,989			12,264,621			11,065,036
Present value discount			(5,143	)		(42,309	)		(9,877	)
Total			188,516,465			175,323,644			168,007,679

*	Based on K-IFRS consolidated financial statements

*	2013 figures were revised to conform to the consolidated financial statements (which reflect the accounting effect of the merger of Woori Finance Holdings with and into Woori Bank in 2014).

b.	Loan Services

(a)

Balances of Loans by Type

As of December 31, 2014

(unit: in millions of Won)


Type	2014		2013		2012
Loans in local currency		167,261,591		156,027,839		144,616,559
Loans in foreign currencies		16,993,065		14,955,260		14,398,209
Guarantee payments		52,619		54,645		125,841
Total		184,307,275		171,037,744		159,140,609

*	Based on K-IFRS consolidated financial statements

*	2013 figures were revised to conform to the consolidated financial statements (which reflect the accounting effect of the merger of Woori Finance Holdings with and into Woori Bank in 2014).

(b)

Loans by Purpose of Funds


As of December 31, 2014		(unit: in millions of Won)


Type		2014		2013		2012
Corporate loans	Working capital loans		48,919,570		50,451,576		50,360,152
	Facilities loans		28,475,804		25,435,589		22,165,385
Household loans			50,392,130		50,803,009		52,793,318
Public and other loans	Working capital loans		3,894,210		3,896,531		1,294,225
	Facilities loans		1,767,074		1,809,958		1,711,721
Mortgage loans			32,652,798		22,341,149		14,863,564
Inter-bank loans			1,080,971		1,227,289		1,362,054
Other loans			79,032		62,738		66,140
Total			167,261,591		156,027,839		144,616,559

*	Balance of loans in local currency based on K-IFRS consolidated financial statements

*	2013 figures were revised to conform to the consolidated financial statements (which reflect the accounting effect of the merger of Woori Finance Holdings with and into Woori Bank in 2014).

(c)

Loan-to-deposit ratio

(unit: in 100 millions of Won, %)


Type	December 2014		December 2013		December 2012
Loans in local currency		1,684,250		1,562,184		1,443,268
Deposits received in local currency (excluding CDs)		1,728,557		1,574,741		1,497,056
Ratio		97.13		99.20		96.41

*	Loan-to-deposit ratio until 2013 = Average monthly balance of loans in local currency / Average monthly balance of deposits received in local currency (excluding CDs).

*	Loan-to-deposit ratio 2014 = (Average balance of loans in local currency – Average balance of policy loans) / (Average balance of deposits received in local currency (excluding CDs) + Covered bonds issued with over 5 year maturities)

c.	Guarantees


As of December 31, 2014		(unit: in millions of Won)


Type	2014		2013		2012
Confirmed guarantees		9,274,450		9,806,803		9,184,573
Unconfirmed guarantees		6,539,629		7,546,192		8,570,476
Commercial paper purchase commitments and others		2,213,840		5,447,858		1,956,447
Total		18,027,919		22,800,853		19,711,496

*	Based on K-IFRS consolidated financial statements

*	2013 figures were revised to conform to the consolidated financial statements (which reflect the accounting effect of the merger of Woori Finance Holdings with and into Woori Bank in 2014).

d.	Securities Investment


As of December 31, 2014		(unit: in millions of Won)


Type	2014		2013		2012
Securities at fair value through profit or loss		2,428,897		2,612,467		5,269,978
Available-for-sale financial assets		18,810,845		17,085,448		14,484,530
Held-to-maturity financial assets		13,044,448		12,038,820		14,341,506
Investments in associates		648,436		617,570		550,332
Total		34,932,626		32,354,305		35,784,046

*	Based on K-IFRS consolidated financial statements

*	2013 figures were revised to conform to the consolidated financial statements (which reflect the accounting effect of the merger of Woori Finance Holdings with and into Woori Bank in 2014).

e.	Trust Business


As of December 31, 2014		(unit: in millions of Won)


Type	2014				2013				2012
Type	Trust Funds		Trust Fees		Trust Funds		Trust Fees		Trust Funds		Trust Fees
Money trust		19,551,616		40,748		17,155,494		35,401		14,212,593		39,123
Property trust		10,355,167		1,066		9,853,775		790		9,931,786		1,091
Total		29,906,783		41,814		27,009,269		36,191		24,144,379		40,214

*	Trust funds indicate average balances.

3.	Funding Sources and Use of Funds

a.	Sources of Funds

[Bank Accounts]

(Unit: in millions of Won, %)


Classification	Funding Source	2014						2013						2012
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		157,994,039		2.22		66.89		146,162,283		2.51		65.13		144,457,252		3.05		63.37
	Certificates of deposit		1,983,619		2.71		0.84		2,316,413		2.80		1.03		694,349		3.50		0.31
	Borrowings in local currency		5,675,238		2.31		2.40		4,696,737		2.28		2.09		4,519,907		2.34		1.98
	Call money in local currency		984,378		2.28		0.42		1,207,035		2.56		0.54		1,800,978		3.03		0.79
	Others		15,925,666		3.69		6.74		15,394,073		4.20		6.86		16,872,368		4.80		7.40
	Subtotal		182,562,940		2.36		77.29		169,776,541		2.66		75.65		168,344,854		3.21		73.85
Foreign currency funds	Deposits received in foreign currencies		7,973,812		0.44		3.38		7,280,806		0.49		3.24		7,576,437		0.60		3.32
	Borrowings in foreign currencies		6,357,072		0.50		2.69		7,477,963		0.66		3.33		9,129,113		1.02		4.00
	Call money in foreign currencies		1,242,371		0.54		0.53		449,726		0.77		0.20		428,592		0.66		0.19
	Debentures in foreign currencies		5,559,305		3.51		2.35		5,252,757		4.01		2.34		5,504,170		4.06		2.41
	Others		918,010		1.03		0.39		1,231,130		1.47		0.55		1,568,250		1.59		0.69
	Subtotal		22,050,569		1.26		9.34		21,692,382		1.46		9.67		24,206,562		1.61		10.61
Other	Total capital		18,225,902				7.72		18,391,558				8.20		18,617,443				8.17
	Provisions		594,945				0.25		654,036				0.29		732,391				0.32
	Others		12,779,094				5.41		13,908,781				6.20		16,070,315				7.05
	Subtotal		31,599,941				13.38		32,954,375				14.68		35,420,149				15.54
Total			236,213,449		1.94		100.00		224,423,298		2.15		100.00		227,971,565		2.54		100.00

*	Based on K-IFRS separate financial statements

[Trust Accounts]

(Unit: in millions of Won, %)


Type	Funding Source	2014						2013						2012
Type	Funding Source	Average Balance		Interest Rate		Share		Average Balance		Interest Rate		Share		Average Balance		Interest Rate		Share
Cost	Money trusts		19,551,616		2.50		65.18		17,155,494		2.83		63.35		14,212,593		3.39		58.73
	Borrowings		—		0.00		0.00		—		—		—		—		—		—
	Subtotal		19,551,616		2.50		65.18		17,155,494		2.83		63.35		14,212,593		3.39		58.73
Non-cost	Property trusts		10,355,167				34.52		9,853,775				36.38		9,931,786				41.05
	Special reserves		37,195				0.12		37,167				0.14		37,126				0.15
	Other		50,659				0.17		35,487				0.13		17,167				0.07
	Subtotal		10,443,021				34.82		9,926,429				36.65		9,986,079				41.27
Total			29,994,637				100.00		27,081,923				100.00		24,198,672				100.00

b.	Fund Management Performance

[Bank Accounts]

(Unit: in millions of Won, %)


Type	Managed Item	2014								2013								2012
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		2,670,185			2.37		1.13			2,913,038			2.59		1.30			1,754,971			3.07		0.77
	Marketable securities in local currency		31,496,840			3.40		13.33			30,285,861			3.17		13.50			32,275,846			4.29		14.16
	Loans in local currency		161,296,709			4.18		68.28			149,019,789			4.62		66.40			142,890,851			5.44		62.68
	Guarantee payments		69,099			4.27		0.03			140,958			3.06		0.06			130,469			1.75		0.05
	Call loans in local currency		2,186,891			2.32		0.93			2,037,985			2.62		0.91			1,578,584			3.16		0.69
	Private placed ponds		470,988			4.12		0.20			595,478			8.00		0.26			998,681			6.68		0.44
	Credit card receivables		6					0.00			1,024,468			21.67		0.46			4,308,273			22.67		1.89
	Other		3,967,556			3.50		1.68			3,992,330			3.86		1.78			5,135,070			4.04		2.25
	Bad debt expense in local currency (-)		(3,073,009	)				(1.30	)		(3,202,673	)		—		(1.43	)		(3,150,782	)		—		(1.38	)
	Subtotal		199,085,264			4.06		84.28			186,807,234			4.50		83.24			185,921,963			5.65		81.55
Funds in foreign currencies	Deposits in foreign currencies		2,044,084			0.47		0.87			1,452,047			0.33		0.65			1,657,779			0.47		0.73
	Marketable securities in foreign currencies		1,073,932			0.85		0.45			972,378			2.85		0.43			950,267			0.48		0.42
	Loans in foreign currencies		12,364,024			1.71		5.23			12,393,208			2.13		5.52			13,585,742			2.64		5.96
	Call loans in foreign currencies		1,347,232			0.94		0.57			1,688,820			0.76		0.75			1,731,720			0.36		0.76
	Bills bought		5,425,038			1.40		2.30			5,054,080			1.66		2.25			5,024,942			2.53		2.20
	Other		19,509			6.36		0.01			39,732			7.55		0.02			72,220			5.29		0.03
	Bad debt expense in foreign currencies (-)		(239,896	)				(0.10	)		(300,758	)		—		(0.13	)		(250,115	)		—		(0.11	)
	Subtotal		22,033,923			1.46		9.33			21,299,507			1.86		9.49			22,772,555			2.23		9.99
Other	Cash		1,076,521					0.46			993,256					0.44			859,927					0.38
	Property and equipment for business purposes		2,358,135					1.00			2,367,010					1.06			2,353,694					1.03
	Other		11,659,606					4.94			12,956,291					5.77			16,063,426					7.05
	Subtotal		15,094,262					6.39			16,316,557					7.27			19,277,047					8.46
Total			236,213,449			3.56		100.00			224,423,298			3.92		100.00			227,971,565			4.83		100.00

*	Based on K-IFRS separate financial statements

[Trust Accounts]

(Unit: in millions of Won, %)


Type	Managed Item	2014							2013								2012
Type	Managed Item	Average Balance			Interest Rate		Share		Average Balance			Interest Rate		Share			Average Balance			Interest Rate		Share
Profit	Loans		24,201			3.61		0.08		43,964			6.77		0.16			51,404			6.64		0.21
	Securities		3,189,405			3.34		10.63		2,813,363			2.11		10.39			3,101,194			2.56		12.82
	Other		17,055,060			3.61		56.86		14,799,716			3.17		54.64			11,560,175			3.80		47.77
	Reserves for bond ratings (-)		(100	)		0.00		0.00		(122	)		—		(0.00	)		(174	)		—		(0.00	)
	Present value discount (-)		(663	)		0.00		0.00		(959	)		—		(0.00	)		(1,298	)		—		(0.01	)
	Subtotal		20,267,903			3.57		67.57		17,655,962			3.01		65.19			14,711,301			3.55		60.79
Non-profit	Subtotal		9,726,735					32.43		9,425,961					34.81			9,487,371					39.21
Total			29,994,638					100.00		27,081,923					100.00			24,198,672					100.00

4.	Other Information Necessary for Making Investment Decisions

a.	Selected Ratios

BIS Capital Adequacy Ratios

(unit: in 100 millions of Won)


Type	2014			2013		2012
Equity capital (A)		208,577			261,388		205,045
Risk weighted assets (B)		1,463,230			2,009,778		1,395,329
Capital adequacy ratio (A/B)		14.25	%		13.01		14.70	%

*	2014 & 2013 based on Basel III standards; 2012 based on Basel II standards

*	Based on K-IFRS consolidated financial statements

*	2013 figures were revised to conform to the consolidated financial statements (which reflect the accounting effect of the merger of Woori Finance Holdings with and into Woori Bank in 2014).

Liquidity Ratios

(unit: %)


Type		2014		2013		2012
Local currency liquidity ratio			123.10		120.75		126.71
Foreign currency liquidity ratio	Before application of weight of securitization		130.29		133.55		118.42
Foreign currency liquidity ratio	After application of weight of securitization		121.29		125.86		109.25
Ratio of business purpose premises and equipment			14.57		14.73		14.44

*	Based on K-IFRS separate financial statements

b.	Asset Quality

(unit: in 100 millions of Won)


Type		2014			2013			2012
Total loans	Total		1,919,086			1,791,750			1,726,941
	Corporate		1,124,815			1,083,582			1,025,603
	Household		794,271			708,168			660,207
	Credit card		—			—			41,131
Sub-standard and below loans Sub-standard and below loan ratio	Total		40,216			53,592			28,645
	Total		2.10	%		2.99	%		1.66	%
	Corporate		35,482			49,054			24,264
	Corporate		3.15	%		4.53	%		2.37	%
	Household		4,734			4,538			3,774
	Household		0.60	%		0.64	%		0.57	%
	Credit card		—			—			607
	Credit card		—			—			1.48	%
Delinquency ratio	Based on total loans (after seasonal adjustment)		0.88	%		1.14	%		1.20	%
	Based on total loans (after seasonal adjustment)		(1.02	%)		(1.41	%)		(1.55	%)
	Based on corporate loans (after seasonal adjustment)		1.23	%		1.50	%		1.72	%
	Based on corporate loans (after seasonal adjustment)		(1.48	%)		(1.97	%)		(2.36	%)
	Based on household loans (after seasonal adjustment)		0.65	%		0.90	%		0.70	%
	Based on household loans (after seasonal adjustment)		(0.76	%)		(1.10	%)		(0.83	%)
	Based on credit card receivables (after seasonal adjustment)		—			—			1.97	%
			—			—			(2.27	%)

*	Based on K-IFRS separate financial statements

*	Credit card receivables were transferred to Woori Card due to the spin off of the credit card business segment (spin off date: April 1, 2013).

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

IV.

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	2014			2013			2012
ASSETS
Cash and cash equivalents		5,962,861			5,477,649			4,593,736
Financial assets at fair value through profit or loss		4,554,180			4,806,197			10,989,236
Available-for-sale financial assets		18,810,845			17,085,448			14,488,547
Held-to-maturity financial assets		13,044,448			12,038,820			14,341,506
Loans and receivables		223,370,135			211,912,373			200,208,325
Investments in joint ventures and associates		648,436			617,570			550,332
Investment properties		357,550			340,620			346,182
Premises and equipment		2,501,102			2,536,441			2,385,680
Intangible assets and goodwill		295,728			268,926			108,920
Assets held for sale		8,013			587			1,239
Current tax assets		4,845			143,101			2,354
Deferred tax assets		257,858			155,256			82,580
Derivative assets		196,061			131,410			269,414
Other assets		145,157			178,886			178,592
Disposal group held for sale		—			34,684,805			—
Disposal group held for distribution to owners		—			50,312,293			—
Total assets		270,157,219			340,690,382			248,546,643
LIABILITIES
Financial liabilities at fair value through profit or loss		2,675,354			2,507,248			3,468,696
Deposits due to customers		188,516,465			175,323,644			169,216,255
Borrowings		17,707,595			18,231,511			17,446,930
Debentures		24,795,904			21,677,674			17,841,978
Provisions		692,009			684,799			579,441
Net defined benefit liability		75,591			71,602			65,937
Current tax liabilities		298,762			9,980			136,517
Deferred tax liabilities		21,757			49,105			16,699
Derivative liabilities		—			1,785			23,827
Other financial liabilities		16,889,687			19,914,947			20,771,744
Other liabilities		390,670			411,278			383,678
Liabilities directly associated with disposal group held for sale		—			32,047,626			—
Liabilities directly associated with disposal group held for distribution to owners		—			46,882,414			—
Total liabilities		252,063,794			317,813,613			229,951,702
EQUITY
Owners’ equity:		17,983,501			17,847,633			18,587,330
Capital stock		3,381,392			4,030,077			3,829,783
Hybrid securities		2,538,823			498,407			1,681,807
Capital surplus		291,066			176,502			812,016
Other equity		(2,393,138	)		(35,367	)		68,570
Retained earnings		14,165,358			13,112,690			12,195,154
Equity directly associated with disposal group held for sale		—			29,820			—
Equity directly associated with disposal group held for distribution to owners		—			35,504			—
Non-controlling interests		109,924			5,029,136			7,611
Total equity		18,093,425			22,876,769			18,594,941
Total liabilities and equity		270,157,219			340,690,382			248,546,643
Number of Consolidated Subsidiaries		78			173			64

*	2013 figures were revised to conform to the consolidated financial statements (which reflect the accounting effect of the merger of Woori Finance Holdings with and into Woori Bank in 2014).

Summary Consolidated Statement of Comprehensive Income

(The Bank and its Consolidated Subsidiaries)

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


Classification	2014			2013			2012
OPERATING INCOME:		897,708			239,567			1,451,452
Net interest income		4,493,018			4,492,022			4,774,419
Net fees and commissions income		917,015			926,501			837,119
Dividend income		96,812			87,641			91,513
Gain on financial instruments at fair value through profit or loss		189,912			123,900			(360,939	)
Gain on available-for-sale financial assets		(68,924	)		(85,242	)		548,674
Impairment losses due to credit loss		(1,096,940	)		(2,277,260	)		(1,649,251	)
General and administrative expenses		(2,958,919	)		(2,902,172	)		(2,590,787	)
Other net operating income (expenses)		(674,266	)		(125,823	)		(199,296	)
Non-operating income		(63,313	)		48,100			53,122
Net income before income tax expense from continuing operations		834,395			287,667			1,504,574
Income tax expense from continuing operations		288,195			35,096			260,713
Net income from continuing operations		546,200			252,571			1,243,861
Net income from discontinued operations		661,769			(966,006	)		253,056
Net income		1,207,969			(713,435	)		1,496,917
Net income attributable to owners		1,213,980			(537,688	)		1,496,246
Profit from continuing operations		435,289			162,011			1,243,190
Profit from discontinued operations		778,691			(699,699	)		253,056
Net income attributable to the non-controlling interests		(6,011	)		(175,747	)		671
Profit from continuing operations		110,911			90,560			671
Profit from discontinued operations		(116,922	)		(266,307	)		—
Other comprehensive income (loss), net of tax		(107,597	)		(110,347	)		(456,636	)
Items that will not be reclassified to profit or loss		(51,650	)		9,217			(48,826	)
Items that may be reclassified to profit or loss		(55,947	)		(119,564	)		(407,810	)
Total comprehensive income		1,100,372			(823,782	)		1,040,281
Comprehensive income attributable to the owners		1,192,191			(623,695	)		1,040,613
Comprehensive income attributable to non-controlling interests		(91,819	)		(200,087	)		(332	)
NET INCOME PER SHARE:
Continuing and discontinued operations
Basic earnings per common share		1,621			(704	)		1,895
Diluted earnings per common share		1,621			(704	)		1,795
Continuing operations
Basic earnings per common share		536			165			1,532
Diluted earnings per common share		536			165			1,465

*	2013 figures were revised to conform to the consolidated financial statements (which reflect the accounting effect of the merger of Woori Finance Holdings with and into Woori Bank in 2014).

2.	Condensed Financial Statements (Separate)

Summary Statement of Financial Position


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


Classification	2014			2013		2012
ASSETS
Cash and cash equivalents		4,668,916			4,694,201		4,135,353
Financial assets at fair value through profit or loss		3,097,309			3,353,936		9,920,630
Available-for-sale financial assets		17,791,224			16,499,175		14,003,535
Held-to-maturity financial assets		12,989,894			12,016,870		14,306,766
Loans and receivables		210,640,380			201,836,689		195,075,985
Investments in subsidiaries and associates		3,619,036			2,109,453		1,938,813
Investment properties		350,785			333,693		340,825
Premises and equipment		2,348,450			2,353,831		2,368,086
Intangible assets		43,186			69,994		102,119
Assets held for sale		6,837			587		1,239
Current tax assets		1,058			134,691		—
Deferred tax assets		193,453			—		43,599
Derivative assets		196,061			131,410		267,470
Other assets		124,712			151,636		163,388
Total assets		256,071,301			243,686,166		242,667,808
LIABILITIES
Financial liabilities at fair value through profit or loss		2,670,358			2,630,421		3,468,445
Deposits due to customers		181,288,444			169,870,194		164,468,304
Borrowings		16,139,529			16,711,669		16,807,711
Debentures		20,998,041			16,035,967		17,778,172
Provisions		667,286			641,459		605,152
Net defined benefit liability		43,381			36,577		63,124
Current tax liabilities		261,228			8,552		135,953
Deferred tax liabilities		—			35,108		—
Derivative liabilities		—			1,785		15,498
Other financial liabilities		15,857,059			19,162,494		20,464,031
Other liabilities		289,570			297,895		367,370
Total liabilities		238,214,896			225,432,121		224,173,760
EQUITY
Capital stock		3,381,392			2,983,452		3,829,783
Hybrid securities		2,538,823			2,380,797		1,681,807
Capital surplus		269,533			732,538		809,883
Other equity		(695,522	)		143,825		132,250
Retained earnings		12,362,179			12,013,433		12,040,325
Total equity		17,856,405			18,254,045		18,494,048
Total liabilities and equity		256,071,301			243,686,166		242,667,808

Summary Statement of Comprehensive Income


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


Classification	2014			2013			2012
OPERATING INCOME:		870,894			344,923			1,362,258
Net interest income		4,090,778			4,190,476			4,536,897
Net fees and commissions income		795,292			789,881			831,120
Dividend income		183,452			83,202			144,868
Gain on financial instruments at fair value through profit or loss		169,537			148,476			(355,341	)
Gain on available-for-sale financial assets		(92,379	)		(61,525	)		558,441
Impairment losses due to credit loss		(928,492	)		(2,084,365	)		(1,677,031	)
General and administrative expenses		(2,655,157	)		(2,551,622	)		(2,466,300	)
Other net non operating income (expenses)		(692,137	)		(169,600	)		(210,396	)
Non-operating income		(27,915	)		93,627			31,051
Net income before income tax expense		842,979			438,550			1,393,309
Income tax expense		196,681			73,693			254,591
Net income from continuing operations		646,298			364,857			1,138,718
Net income from discontinued operations		—			29,476			253,056
Net income		646,298			394,333			1,391,774
Other comprehensive income (loss), net of tax		4,887			11,575			(416,469	)
Items that will not be reclassified to profit or loss		(58,468	)		6,671			(48,826	)
Items that may be reclassified to profit or loss		63,355			4,904			(367,643	)
Total comprehensive income		651,185			405,908			975,305
NET INCOME PER SHARE:
Continuing and discontinued operations
Basic earnings per common share		842			423			1,745
Diluted earnings per common share		842			405			1,659
Continuing operations
Basic earnings per common share		842			374			1,382
Diluted earnings per common share		842			358			1,329

V.	Independent Auditor’s Opinion

1.	Independent Auditor’s Opinion


	2014	2013	2012
Auditor	Deloitte Anjin LLC	Deloitte Anjin LLC	Deloitte Anjin LLC
Auditor’s Opinion	(1)	Unqualified Opinion	Unqualified Opinion

(1)

In its audit report attached to this report, Deloitte Anjin LLC has stated that nothing had come to their attention that caused them to believe that the accompanying consolidated and separate financial statements of the Bank as of December 31, 2013 and December 31, 2014 do not present fairly in all material respects, the financial position of Woori Bank as of December 31, 2013 and December 31,2014 in accordance with Korean IFRS.

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

a.	Audit Services

(units: in millions of Won, hours)


Term	Auditor	Description	Fee	Total Time
2014	Deloitte Anjin LLC	Closing audit	KRW 1,280 million	7,681 hours
		Interim audit (including internal accounting management system)		4,160 hours
		3Q review		3,450 hours
		1H review		3,256 hours
		1Q review		3,143 hours
2013	Deloitte Anjin LLC	Closing audit	KRW 1,280 million	6,446 hours
		Interim audit (including internal accounting management system)		4,087 hours
		3Q review		3,397 hours
		1H review		3,066 hours
		1Q review		3,066 hours
2012	Deloitte Anjin LLC	Closing audit	KRW 1,300 million	5,582 hours
		Interim audit (including internal accounting management system)		2,984 hours
		3Q review		3,424 hours
		1H review		3,344 hours
		1Q review		3,096 hours

b.	Non-Audit Services


Term	Date of Execution of Agreement	Description of Service	Service Term	Fees
2014	9.30.2014	Review of Japanese F/S related to Samurai bonds	9.2014	KRW 28 million
	4.30.2014	Tax adjustment	Each quarter and end of term	KRW 105 million
	4.17.2014	Issuance of GMTN-related comfort letter	4~5.2014	USD 110,000
2013	8.30.2013	GMTN update and issuance	9.2013	KRW 146 million
	8.30.2013	Samurai bond update	9.2013	KRW 28 million
	3.31.2013	Tax adjustment	Each quarter and end of term	KRW 110 million
	1.30.2013	Samurai bond-related comfort letter	1.2013	KRW 128 million
2012	9.30.2012	Review of Japanese F/S for 1H 2012 related to Samurai bonds	3Q 2012	KRW 14 million
	5.30.2012	Issuance of Samurai bond-related comfort letter and review of financial documents	2Q 2012	KRW 153 million
	3.31.2012	Tax adjustment	Each quarter and end of term	KRW 105 million
	1.9.2012	Samurai bond-related comfort letter	1~2.2012	KRW 108 million

VI.

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 Director Management Committee

(b)

Risk Management Committee

(c)

Compensation Committee

(d)

Committee for Recommending Audit Committee Member Candidates

(e)

Audit Committee

(As of December 31, 2014)


Name of Committee	Composition	Names of Members

Board of directors management committee	One standing director, Five outside directors One non-standing director	Kwang-Goo Lee (standing director) Young-Soo Park (outside director) Sang-Keun Oh (outside director) Hee-Yul Chai (outside director) Kang-Shik Choi (outside director) Min Chang (outside director) Seong-Yeol Lim (non-standing director)

Risk management committee	One standing director, Three outside directors One non-standing director	Dong-Gun Lee (standing director) Sang-Keun Oh (outside director) Hee-Yul Chai (outside director) Min Chang (outside director) Seong-Yeol Lim (non-standing director)

Compensation committee	Four outside directors	Young-Soo Park (outside director) Sang-Keun Oh (outside director) Hee-Yul Chai (outside director) Kang-Shik Choi (outside director)

Committee for recommending audit committee member candidate	Five outside directors	Young-Soo Park (outside director) Sang-Keun Oh (outside director) Hee-Yul Chai (outside director) Kang-Shik Choi (outside director) Min Chang (outside director)

Audit Committee	Three outside directors One standing director,	Kang-Shik Choi (outside director) Young-Soo Park (outside director) Min Chang (outside director) Soo-Kyung Chung (standing director)

2.	Affiliated Companies (as of December 31, 2014)

LOGO

VII.

Shareholder Information

1.	Share Distribution

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


As of December 31, 2014		(units: shares, %)


Name	Relation	Type	Shares Held								Notes
			Beginning balance				Ending balance
			Stock		Share		Stock		Share
Korea Deposit Insurance Corporation	Largest S/H	Common		385,285,578		56.97		345,142,556		51.04
	Total	Common		385,285,578		56.97		345,142,556		51.04
	Total	Others		—		—		—		—

*	Beginning balance : Merger date (November 1, 2014)

Changes in the largest shareholder


As of December 31, 2014		(units: shares, %)

Change of Date

Largest Shareholder

Stock Held

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

b.	Share Ownership of More Than 5%


As of December 31, 2014		(units: shares, %)


No.	Name	Shares				Notes
No.	Name	No. of shares		Percentage of shareholding		Notes
1	Korea Deposit Insurance Corporation		345,142,556		51.04
2	National Pension Service		48,263,870		7.14
3	Employee Stock Ownership Association		27,020,600		4.00

c.	Minority Shareholders

As of December 31, 2014


Items	Shareholder number		Ratio(%)			Number of shares		Ratio(%)
Minority Shareholders		47,986		99.98	%		255,167,748		37.72	%

2.	Stock Price and Stock Market Performance

a.	Domestic Stock Market

(units: Won, shares)


Period		November 2014		December 2014
Common Stock	High		13,100		11,150
	Low		10,700		10,000
	Average		11,363		10,564
Monthly Trade Volume	High		15,286,812		4,287,706
	Low		372,064		1,241,367
	Monthly Total		39,106,659		50,575,451

*	Source: KRX KOSPI Market

*	Date of new listing of shares : November 19, 2014

*	Share prices are based on closing prices.

b.	Foreign Stock Market (NYSE)

(units: US Dollars, ADRs)


Period		November 2014		December 2014
ADR	High		30.79		29.90
	Low		28.68		27.05
	Average		29.97		28.45
Won Conversion	High		34,272		33,019
	Low		31,580		29,706
	Average		32,820		31,418
Monthly Trade Volume	High		7,800		19,000
	Low		1,100		400
	Monthly Total		23,000		84,900

*	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.

VIII.

Directors and Employee Information

1.	Directors

As of December 31, 2014


Position		Name	Common Stock Owned	Expiration of Term
President	Registered	Kwang-Goo Lee	11,251	December 30, 2016
Deputy President	Registered	Dong-Gun Lee	10,000	December 30, 2015
Standing Member of Audit Committee	Registered	Soo-Kyung Chung	—	December 30, 2016
Outside Director	Registered	Young-Soo Park	—	Note 1)
Outside Director	Registered	Sang-Geun Oh	—
Outside Director	Registered	Hee-Yul Chai	—
Outside Director	Registered	Kang-Shik Choi	—
Outside Director	Registered	Min Chang	—
Non-standing Director	Registered	Seong-Yeal Lim	—
Executive Vice President	Non-Registered	Seung-Gyu Kim	10,000	October 31, 2015
Executive Vice President	Non-Registered	Ki-Hyung Kwon	10,000	December 9, 2015
Executive Vice President	Non-Registered	Ki-Myoung Nam	—	December 9, 2015
Executive Vice President	Non-Registered	Won-Jai Jeong	15,000	June 13, 2015
Executive Vice President	Non-Registered	Woo Seok Chae	15,000	September 3, 2015
Executive Vice President	Non-Registered	Ki-Suk Park	13,258	December 8, 2015
Executive Vice President	Non-Registered	Ok-Joung Kim	10,000	March 31, 2015
Executive Vice President	Non-Registered	Jum-Seung Yoo	10,000	June 13, 2015
Executive Vice President	Non-Registered	Jong-Won Kim	8,500	December 8, 2015
Executive Vice President	Non-Registered	Tae-Seung Sohn	12,296	March 19, 2016
Executive Vice President	Non-Registered	Dong-Bin Lee	10,000	March 19, 2016

Note 1) End of Term: Date of the 2015 annual general meeting of shareholders

Note 2) Changes after December 31, 2014

February 28, 2015 : Resignation of outside director (Min Chang)

March 27, 2015 : Resignation of outside directors (Young-Soo Park, Hee-Yul Chai), Appointment of new outside directors (Il-Hwa Hong, Hesuk Chun, Han-Gi Jung, Sungsoo Koh), Resignation of non-standing director (Seong-Yeal Lim), Appointment of new non-standing director (Joon-Ki Kim)

2.	Employee Status


As of December 31, 2014		(units: persons, millions of Won)

Staff

Average
Tenure
Years

Cumulative
Compensation

Average
Compensation
Per Person

Note

Regular

Contract

Others

Total

15,075

394

—

15,469

15.9

1,192,451

*	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, 2014		(units: persons, millions of Won)


Items	Number of Persons		Total Compensation		Average Compensation Per Director		Note
Registered Directors		3		1,285		428
Outside Directors		5		79		16
Audit Committee Members		7		610		87

*	Number of persons : includes the number of outside directors and audit committee members that resigned in 2014 (as of December 31, 2014, there are two registered directors, two outside directors and four members of the Audit Committee/auditors)

*	Total compensation : accumulated amount paid from January to December of 2014 (excluding the 812 million won paid to the directors of Woori Finance Holdings)

IX.

Related Party Transactions

Extensions of Credit to Major Shareholders, Etc.


As of December 31, 2014		(unit: millions of Won)


Name	Item	Current Balance		Origination Date		Maturity Date
Korea Deposit Insurance Corporation	Loans		250,000		3.5.2014		3.5.2015
	Loans		500,000		8.29.2014		8.28.2015
	Bonds		690,000		9.29.2010, etc.		1.22.2018, etc.
	Bonds		50,000		1.17.2013, etc.		7.8.2017, etc.
Woori Investment Bank	Loans		10,000		7.3.2014		6.30.2015
Woori Card	Loans		250,000		3.4.2014		3.3.2015
Woori P&S	Loans		17,000		3.7.2011		3.8.2021
Woori P&S	Loans		3,000		6.13.2014		6.15.2015

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: March 31, 2015	By:	/s/ Seung-Gyu Kim
		(Signature)
		Name: Seung-Gyu Kim
		Title: Executive Vice President