Woori Financial Group Acquires and Cancels 1.24% of KDIC Shares... 'Complete Privatization' After 26 Years

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Woori Financial Group, which received public funds in 1998, will be fully privatized after 26 years.

On the 13th, Woori Financial Group announced that it decided to repurchase all 9,357,960 shares (1.24%) of its remaining stake held by the Korea Deposit Insurance Corporation as treasury stock.

This treasury stock repurchase is part of the implementation process under the "Basic Agreement on Stock Transfer" signed between Woori Financial Group and the Korea Deposit Insurance Corporation on October 5 last year, and was carried out after resolutions by the Public Fund Management Committee and the Woori Financial Group Board of Directors.

The transaction will be conducted on the 14th after the stock market closes, using an off-hours block trade method based on the closing price on the 13th. A Woori Financial Group official explained, "The acquired treasury shares will be immediately and entirely canceled, actively responding to the government's recently promoted corporate value-up program and the heightened expectations of the market."

With this decision, Woori Financial Group will complete the repayment process of public funds spanning 26 years since the public fund support in 1998, including seven block sales and the 2016 sale to introduce the current major shareholder system, achieving 100% privatization.

Meanwhile, this treasury stock repurchase and cancellation by Woori Financial Group will be conducted at a scale 40% larger than the 100 billion KRW repurchase last year. Regarding this, a financial industry insider commented, "This reflects the strong determination of Woori Financial Group's management to enhance corporate value," and added, "It is expected that Woori Financial Group's shareholder returns will be further expanded in the future."

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