Woori Financial to buy remaining stake in state deposit insurer

Woori Financial Group, one of South Korea's major financing holding firms, said Thursday it will purchase its remaining stake held by a state-run deposit insurer in a move to help the financial group complete its privatization.

Woori Financial signed an agreement with the Korea Deposit Insurance Corp. (KDIC) to buy the remaining stake owned by the KDIC, according to company officials.

The KDIC currently holds 9.36 million shares of Woori Financial, or 1.2 percent of the total stake.

The government poured 12.8 trillion won (US$9.5 billion) into Woori Finance, which was renamed Woori Financial in early 2019, to keep it afloat in the aftermath of the 1997-98 Asian financial crisis.

Source: Yonhap News Agency

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