[비즈한국] Woori Financial Group is investing 850 billion won to build its second IT center in the Wangsuk district of Namyangju, Gyeonggi Province. This facility will integrate a hyperscale AI center, an operations center, and research and development (R&D) facilities. The second IT center, dubbed the 'AI Digital Universe,' is expected to become the hub for implementing Woori Financial's AI strategy. As Chairman Im Jong-yong, who recently succeeded in securing a second term, emphasizes an AI-centered management system, attention is focused on whether these large-scale investments will yield results amid sluggish performance and the burden of capital ratio management.
Woori Financial Group is accelerating the construction of its second IT center, the 'AI Digital Universe.' On June 10, Namyangju City, Gyeonggi Province, announced that it had granted final construction permits at the end of May for the AI Digital Universe, which is planned for the Wangsuk Urban High-Tech Industrial Complex. The permit was granted one month after the application was submitted in late April. The company plans to select a contractor and begin construction within this year, with a target completion date of 2029. Woori Bank issued a bid announcement in March for the software design of the second IT center. In October 2025, it also recruited services worth 8.1 billion won for construction management of the new center.
The AI Digital Universe is a large-scale facility with a total floor area of approximately 98,000 square meters (29,500 pyeong). Once established, it will serve as the group's IT development and operations hub, financial R&D center, and training facility. The complex will house a highly secure, 24-hour AI center, an AI operations center with about 300 resident employees, the startup incubator 'DinnoLab,' the Woori FIS Academy, and a grand auditorium.
In December 2024, Woori Financial signed a memorandum of understanding (MOU) with the Korea Land and Housing Corporation (LH) and Namyangju City for the construction of the Digital Universe. The total project cost, initially estimated at 550 billion won, has since increased to 850 billion won. Woori Financial also plans to invest 200 billion won in the Dasan-dong area of Namyangju to build a group training center and sports complex.
The construction of the second IT center was a matter under review since the era of former Chairman Son Tae-seung. The need for facility expansion arose as the group grew after incorporating Woori Asset Trust, Woori Global Asset Management, and Woori Asset Management in 2019, and because the existing Sangam Data Center had surpassed 10 years of operation.
Woori Financial had been preparing for the construction since 2020 by establishing a master plan that included forecasts for the limitations of its existing IT center and the direction for expanding the group's IT facilities. Although the completion target for the additional IT center was initially 2027, it was delayed by two years after the candidate site was changed from the Donong district to the Wangsuk district in 2022. Chairman Im Jong-yong, who inherited the project, finalized the plan for the AI Digital Universe at the Wangsuk Urban High-Tech Industrial Complex upon signing the MOU at the end of 2024.
With Chairman Im Jong-yong successfully securing a second term this March, attention is focused on whether the Digital Universe, which requires an investment of nearly 1 trillion won, will become the future digital hub for Woori Financial. After taking office in 2023, Chairman Im prioritized the restructuring of IT governance, a long-cherished goal of Woori Financial. He achieved cost savings and enhanced digital capabilities by shifting IT development from an outsourced model between subsidiaries to direct execution, and by transferring IT personnel from Woori FIS to the credit card and banking divisions.
As Chairman Im, who confirmed the construction of the center, has extended his term until March 2029, its completion during his tenure has become a key objective. As the Digital Universe will house a hyperscale AI center and operations center, it is positioned to become Woori Financial's core AI strategy hub. At the management strategy workshop held earlier this year, Chairman Im ordered a group-wide reorganization centered on AI, stating, "We must adopt the mindset that 'we are an AI company.'" With a three-year term granted, Chairman Im's second administration is expected to push for the implementation of the group's AX (AI Transformation) master plan and an AI-driven management system.
The challenge lies in improving profitability alongside aggressive investment. In the first quarter of this year, Woori Financial was the only one of the four major financial holding companies (KB Kookmin, Hana, Shinhan, and Woori) to experience negative growth. Due to increased retirement benefit expenses and foreign exchange losses, the group's first-quarter net profit was 639 billion won, a 2% decrease compared to the same period last year (655 billion won). Woori Financial was also the only one among the four major holding companies to see a decline in net profit in the first quarter of last year.
Performance of key subsidiaries was also sluggish. Woori Bank, the core subsidiary, reported a first-quarter 2026 net profit of 522 billion won, down 18% from the same period last year (635 billion won). This was impacted by the provision of approximately 138 billion won in reserves by its local Indonesian subsidiary. Dongyang Life Insurance's net profit dropped by 46% from 46 billion won in the first quarter of 2025 to 25 billion won in the first quarter of this year. Net profits for Woori Card (44 billion won), Woori Financial Capital (4 billion won), and Woori Investment & Securities (1.4 billion won) increased year-on-year.
The company also faces the task of securing funds as it grows in size. Financial authorities approved Woori Financial's acquisition of Dongyang Life and ABL Life on the condition that it ensures financial soundness. Consequently, Woori Financial has begun raising funds through real estate sales to manage its Common Equity Tier 1 (CET1) capital ratio, a key metric for financial health. In fact, the CET1 ratio rose to 13.6% in the first quarter, aided by the capital increase resulting from the revaluation of land assets.
On May 28, Woori Financial posted a public competitive bid notice to sell its Digital Tower located in Jung-gu, Seoul. Samil PwC and Genstar Mate have been selected as sales advisors, and the deadline for document submission is June 24.