Woori Finance (WF) has released an update.
Woori Financial Group Inc. has announced the approval of a strategic merger between its subsidiary Woori Investment Bank Co., Ltd. and Korea Foss Securities Co., Ltd., with the aim to bolster its presence in the securities sector and diversify its non-bank business offerings. The merger will result in Korea Foss Securities becoming a direct subsidiary of Woori Financial Group, while Woori Investment Bank will be dissolved. The completion of the merger is subject to regulatory and shareholder approvals.
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