On Thursday, Woori Financial Group, a major financing holding firm in South Korea, announced that it will be buying the remaining stake held by the Korea Deposit Insurance Corp. (KDIC). The KDIC currently owns 9.36 million shares of Woori Financial, which is equivalent to 1.2 percent of the total stake.
The government injected 12.8 trillion won (US$9.5 billion) into Woori Finance, now known as Woori Financial, in the wake of the 1997-98 Asian financial crisis in order to keep it afloat. The renaming of the company to Woori Financial took place in early 2019.
A photo provided by Woori Financial Group of its headquarters in central Seoul (PHOTO NOT FOR SALE) (Yonhap)
nyway@yna.co.kr
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