Woori Bank Executives Purchase 140,000 Shares of Company Stock

by Choi Donghyeon

Published 13 May.2024 16:26(KST)

Bank President Jo Byung-kyu Acquires Additional 5,000 Shares, Holding 30,000 Shares Total

Woori Bank announced on the 13th that CEO Cho Byung-kyu, along with executives and heads of business divisions, purchased approximately 140,000 shares of Woori Financial Group's treasury stock on the open market on the 2nd.

Since his appointment in July last year, CEO Cho Byung-kyu has emphasized that Woori Bank must lead the enhancement of Woori Financial Group's value through fundamental changes and organizational improvement. He has been pursuing a strategy to rebuild the 'Corporate Finance Powerhouse' through co-growth with businesses, including the expansion of the Biz Prime Center.

Woori Bank Executives Purchase 140,000 Shares of Company Stock

CEO Cho purchased 5,000 shares of treasury stock this time, bringing his total holdings to 30,000 shares. Among CEOs of commercial banks, he holds the largest amount of treasury stock. A Woori Bank official explained, "CEO Cho, who has consistently expressed confidence in improving Woori Bank's performance, took this step to purchase treasury stock as part of responsible management."

Vice presidents and other executives, as well as heads of frontline business divisions, also voluntarily participated in purchasing treasury stock. They united in their intention to maximize business performance through more active sales efforts and to enhance Woori Financial Group's corporate value.

A Woori Bank official stated, "Although Woori Financial Group's stock price is currently undervalued, there is ample potential for stock price growth following Chairman Lim Jong-ryong's inauguration, the diversification of the group's portfolio, and the government's value-up program," adding, "Woori Bank will strengthen responsible management from the CEO to all executives to lead the improvement of the group's overall performance and enhancement of shareholder value."

Meanwhile, Woori Financial Group confirmed its re-entry into the securities business through the merger of POS Securities and Woori Investment & Securities on the 3rd.