Woori Financial Group to be merged with banking unit

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Woori Financial Group to be merged with banking unit

The 13-year history of Woori Financial Group will come to an end in November.

Woori Bank said yesterday that its board members have decided to merge Woori Financial Group into its banking unit. The merger of the de facto holding company into the bank is part of the privatization of the bank.

The first phase of the process is to sell off the financial group’s regional banks - Kyungnam and Kwangju Bank. The second phase will be the sale of six of its brokerage firms including Woori Investment & Securities. The government owns 59.97 percent of the financial group and plans to sell off its 30 percent stake in Woori in September.

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