Press Release

Approval of Application by Woori Financial Group Inc.

December 27, 2018

NEW YORK—The Federal Reserve Bank of New York approved the application under Section 3(a)(1) of the Bank Holding Company Act of 1956, as amended, by Woori Financial Group, to become a bank holding company by acquiring Woori Bank, both of Seoul, South Korea, and indirectly acquiring Woori America Bank, New York, New York.

The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.