Taipei-based Fubon Life Insurance agreed on Sept. 25 to buy a 4 percent stake in Woori Financial Group through a block deal for 358.5 billion won ($298.9 million).
Some 28.9 million shares, currently owned by the financial group’s commercial banking subsidiary Woori Bank, will be trading at 12,408 won per share before the stock market opens Sept. 26 in the morning, according to the financial institution.
These are among the 42.1 million Woori Financial shares, amounting to a 5.8 percent stake, that were handed over to Woori Bank earlier in September as a result of an equity swap in a restructuring effort.
Woori Financial Group Chairman Sohn Tae-seung
Woori Bank acquired a stake in its parent company -- valued at 12,350 won per share -- plus 598.4 billion won cash, in return for a 100 percent stake in its direct subsidiary Woori Card, making Woori Card a direct subsidiary of Woori Financial.
Woori Financial said it would ramp up efforts to sell the remaining shares owned by Woori Bank. It has been working with deal managers including Goldman Sachs and reaching out to foreign investors in the Middle East, Europe and North America.
This is part of the restructuring of Woori Financial Group since it adopted its holding company structure in January this year.
By Son Ji-hyoung (firstname.lastname@example.org)