Woori Financial Group Approves Acquisition of Ajou Capital and Ajou Savings Bank

Plan to Complete Acquisition Procedures Within the Year

[Asia Economy Reporter Kim Hyo-jin] Woori Financial Group is soon to welcome Ajou Capital and Ajou Savings Bank as new members. Accordingly, Woori Financial's non-bank portfolio will be significantly expanded.

According to the financial sector on the 23rd, Woori Financial held a regular board meeting on the day and resolved to exercise the preemptive purchase right for Ajou Capital (including Ajou Savings Bank).

Woori Financial is expected to soon sign a share purchase agreement (SPA) with WelltoSee Investment, a domestic private equity fund. WelltoSee Investment is the largest shareholder of Ajou Capital (holding 74% of shares).

Afterwards, Woori Financial plans to apply to the Financial Services Commission for the incorporation of Ajou Savings Bank, a subsidiary of Ajou Capital, and complete the incorporation within the year.

Once these procedures are completed, Woori Financial's non-bank sector will be greatly strengthened. Among the top five financial groups, Woori Financial was the only one without a capital company and a savings bank.

Ajou Capital is a company with a large proportion of automobile finance and ranks 8th in the industry. As of the end of June, based on consolidated financial statements, it recorded total assets of 7.5469 trillion KRW and net profit of 61.8 billion KRW.

Woori Financial attempted to acquire Ajou Capital in the first half of this year, but the process was somewhat delayed due to reasons such as approval for changes in the internal rating system.

Woori Financial expects that acquiring Ajou Capital will enhance competitiveness by developing various financial products linked with existing affiliates such as Woori Bank and Woori Card.

This content was produced with the assistance of AI translation services.