April 20, 2024

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[THE INVESTOR]  Hanwha Life has submitted a letter of intent to acquire a stake in Woori Bank following a board meeting, the bank said on Sept. 22, a day before the bidding closed.

In most cases, LOI submissions are not subject to board decisions, but Hanwha Life held the meeting due to its special relations with Woori Bank’s largest shareholder Korea Deposit Insurance Corp.

State-run KDIC currently holds a 15.25 percent stake in the life insurance firm. KDIC said in a disclosure on Aug. 24 that it would be selling 30 percent of its 51.08 percent stake in Woori Bank. The 30 percent would be split up into 4-8 percent stakes, it said.

By Kim Ji-hyun (jemmie@heraldcorp.com)