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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. ....
By Jonathan Breen 08.00 AM A South Korean state-backed insurer pared its stake in Woori Financial Group this week, selling a chunk of shares for W149.3bn ($133.2m), according to a source familiar with the matter. Korea Deposit Insurance Corp (KDIC) turned to investors on Thursday, offering 14.4m of its shares in Seoul-based banking and finance giant Woori Financial. The block represented 2% of the group’s share capital.Bookrunners JP Morgan, Mirae Asset Securities and Samsung Securities held an accelerated bookbuild for the deal . Already a subscriber? Login ....
State deposit insurer KDIC sells 2% stake in Woori Financial Posted : 2021-04-09 13:37 Updated : 2021-04-09 13:37 The state-run Korea Deposit Insurance Corp. (KDIC) said Friday it sold a 2 percent stake in Woori Financial Holdings Co. as part of efforts to recoup taxpayer money injected into the company. The stake, or 14.5 million shares, was offloaded through a block sale in pre-market trading for 149.3 billion won (US$134 million), the KDIC said. The stake sale comes in line with a government road map to dispose of its interest in the major financial holding company, whose flagship is Woori Bank. It also marks the first stake disposal after the government announced its plan in 2019 to complete the sale of its remaining 17.25 percent stake in Woori Financial by 2022. ....