The Korea Deposit Insurance Corporation (KDIC), a state-led company that insures deposits across the local financial industry, has unveiled its new strategic vision, aiming to expand the scope of deposits that it insures. “The traditional deposit insurance system, which focuses on responding to situations with ex-post measures, cannot properly address future financial risks,” Yoo Jae-hoon, president of the KDIC, said during a press conference held in central Seoul, Wednesday.
Woori faces growing pressure to buy brokerage firm
Posted : 2021-04-11 15:51
Woori Financial Group headquarters in Seoul / YonhapBy Park Jae-hyuk
Woori Financial Group is facing growing pressure to re-acquire a brokerage license to bolster its non-banking business and further boost its stock price, amid the government s accelerated attempts to completely privatize the banking group.
Last Friday, the Korea Deposit Insurance Corp. (KDIC) unloaded 2 percent of its stake in Woori for 149.3 billion won ($134 million), lowering its overall ownership in the group to 15.25 percent. This was the state deposit insurer s first divestment from Woori following a government announcement in June 2019 that it would recoup all taxpayer money injected into the group by 2022.