SEC Comment Letter 0000000000-22-012562 to WOORI FINANCIAL GROUP INC. (WF) (CIK 0001264136) (WF)
WOORI FINANCIAL GROUP INC. (WF) (CIK 0001264136)
Date: Nov. 18, 2022 · CIK: 0001264136 · Accession: 0000000000-22-012562
AI Filing Summary & Sentiment
File numbers found in text: 001-31811
Letter
United States securities and exchange commission logo November 18, 2022 Sung-Wook Lee Principal Financial Officer WOORI FINANCIAL GROUP INC. 51, Sogong-ro, Jung-gu Seoul 04632, Korea Re:WOORI FINANCIAL GROUP INC. Form 20-F Filed May 16, 2022 Response Dated September 7, 2022 File No. 001-31811 Dear Sung-Wook Lee: We have reviewed your September 7, 2022 response to our comment letter and have the following comment. In our comment, we may ask you to provide us with information so we may better understand your disclosure. Please respond to this comment within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe our comment applies to your facts and circumstances, please tell us why in your response. After reviewing your response to this comment, we may have additional comments. Unless we note otherwise, our references to prior comments are to comments in our August 10, 2022 letter. Form 20-F Filed May 16, 2022 Note 5. Operating Segments, page F-77 1.Please refer to comment 4. We note that the material amount of reconciling items impacting net income relate to “consolidation adjustments including the elimination of intercompany transactions.” Please tell us in detail and revise future filings to disclose the nature of the adjustments that result in a decrease in segment net income for each of the past three years in order to reconcile to consolidated net income. Your discussion should provide sufficient information to allow an investor to understand why a segment recognized net income that was eliminated through a consolidation adjustment or an intercompany elimination adjustment. For example, clarify if segment entities use a different measurement basis for certain transactions, etc.
FirstName LastNameSung-Wook Lee Comapany NameWOORI FINANCIAL GROUP INC. November 18, 2022 Page 2 FirstName LastName Sung-Wook Lee WOORI FINANCIAL GROUP INC. November 18, 2022 Page 2 You may contact Mike Volley at 202-551-3437 or John Nolan at 202-551-3492 if you have questions regarding the comment. Sincerely, Division of Corporation Finance Office of Finance
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United States securities and exchange commission logo
November 18, 2022
Sung-Wook Lee
Principal Financial Officer
WOORI FINANCIAL GROUP INC.
51, Sogong-ro, Jung-gu
Seoul 04632, Korea
Re:WOORI FINANCIAL GROUP INC.
Form 20-F Filed May 16, 2022
Response Dated September 7, 2022
File No. 001-31811
Dear Sung-Wook Lee:
We have reviewed your September 7, 2022 response to our comment letter and have the
following comment. In our comment, we may ask you to provide us with information so we may
better understand your disclosure.
Please respond to this comment within ten business days by providing the requested
information or advise us as soon as possible when you will respond. If you do not believe our
comment applies to your facts and circumstances, please tell us why in your response.
After reviewing your response to this comment, we may have additional
comments. Unless we note otherwise, our references to prior comments are to comments in our
August 10, 2022 letter.
Form 20-F Filed May 16, 2022
Note 5. Operating Segments, page F-77
1.Please refer to comment 4. We note that the material amount of reconciling items
impacting net income relate to “consolidation adjustments including the elimination of
intercompany transactions.” Please tell us in detail and revise future filings to disclose the
nature of the adjustments that result in a decrease in segment net income for each of the
past three years in order to reconcile to consolidated net income. Your discussion should
provide sufficient information to allow an investor to understand why a segment
recognized net income that was eliminated through a consolidation adjustment or an
intercompany elimination adjustment. For example, clarify if segment entities use a
different measurement basis for certain transactions, etc.
FirstName LastNameSung-Wook Lee
Comapany NameWOORI FINANCIAL GROUP INC.
November 18, 2022 Page 2
FirstName LastName
Sung-Wook Lee
WOORI FINANCIAL GROUP INC.
November 18, 2022
Page 2
You may contact Mike Volley at 202-551-3437 or John Nolan at 202-551-3492 if you
have questions regarding the comment.
Sincerely,
Division of Corporation Finance
Office of Finance