Woori Finance mulls buying mid-size insurer

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Woori Finance mulls buying mid-size insurer

Woori Finance Holdings said yesterday it may acquire a mid-size life insurance firm.

“In a bid to optimize Woori Finance’s business portfolio, the group is considering acquiring Tong Yang Life Insurance, although nothing has been confirmed,” the financial holding firm said in a regulatory filing.

The notice comes a day after Woori Finance Chairman Lee Pal-seung told reporters the group is interested in taking over the life insurer, citing the growth potential of the insurance sector.

Lee, however, said he needs to review the deal given the high price being asked. Woori Finance currently operates one insurance unit under its wing, Woori Aviva Life Insurance, which is managed in partnership with British insurance giant Aviva.

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