Woori Financial Group Acquires Major Insurer

Woori Finance Holdings Co (WF) has released an update.

Woori Financial Group Inc. has announced its resolution to acquire a majority stake in Tongyang Life Insurance Co., Ltd., aiming to enhance its market competitiveness. The planned acquisition involves a cash payment for 121,565,627 shares, which will result in Woori Financial Group owning 75.34% of Tongyang Life Insurance. The purchase, amounting to over 1.28 trillion KRW, equates to 3.84% of Woori Financial Group’s total consolidated equity as of the end of the previous year.

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