Woori Financial Group, Woori Financial Savings Bank Incorporated as a Subsidiary of the Holding Company

[Asia Economy Reporter Kiho Sung] Woori Financial Group has resolved the agenda to sign a stock purchase agreement between Woori Financial Group and Woori Financial Capital for the incorporation of Woori Financial Savings Bank as a subsidiary of the holding company.

Woori Financial Group held a board meeting on the 5th and made this resolution. They plan to conclude the stock purchase agreement to acquire 100% of the shares of Woori Financial Capital and Woori Financial Savings Bank in cash, and complete the subsidiary incorporation swiftly by closing the transaction on the 12th of this month.

Previously, in December last year, Woori Financial Group acquired Aju Capital (now Woori Financial Capital) and incorporated Aju Savings Bank (now Woori Financial Savings Bank), a 100% subsidiary of Aju Capital, as a sub-subsidiary.

Woori Financial explained, "With the incorporation of Woori Financial Savings Bank as a subsidiary, Woori Financial Group complies with the Financial Holding Companies Act related to ownership of savings banks, and by promptly elevating the savings bank to an equal status with other subsidiaries, the group has made its portfolio structure and management system more efficient."

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