Woori Financial Group Completes Subsidiary Integration of Woori Financial Capital
Expectations for Enhancing Shareholder and Corporate Value
[Asia Economy Reporter Kim Jin-ho] Woori Financial Group has completed the process of fully incorporating Woori Financial Capital as its wholly owned subsidiary.
On the 10th, Woori Financial announced that Woori Financial Capital was incorporated as a 100% wholly owned company of the holding company through a comprehensive stock exchange procedure. The remaining shares held by minority shareholders to be additionally incorporated for the wholly owned subsidiary amount to 9.53%.
Since acquiring management rights of Woori Financial Capital in December 2020, Woori Financial Group has been planning to convert it into a wholly owned subsidiary. Three months later, Woori Savings Bank, which was a 100% subsidiary of Woori Financial Capital, was incorporated as a wholly owned subsidiary of the holding company.
In April, Woori Financial Group purchased 12.85% of shares held by Ajou Industry, the second largest shareholder of Woori Financial Capital, and in May, it acquired 3.59% of treasury shares of Woori Financial Capital, thereby gradually advancing the process of converting it into a wholly owned subsidiary.
A Woori Financial Group official stated, “With Woori Financial Capital incorporated as a 100% wholly owned subsidiary, the non-controlling interests can be retained within the group,” and added, “As Woori Financial Capital grows in the future, the scale of controlling shareholder equity profits is expected to gradually expand.”
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Since its incorporation into Woori Financial Group, Woori Financial Capital has established a cooperative system with subsidiaries such as Woori Bank, Woori Card, and Woori Securities. It is expanding synergies in various areas including linked sales and financial platforms, and plans to further expand collaboration with Woori Asset Trust and Woori Savings Bank in fields such as real estate finance.
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