Yim Jong-yong buys 5,000 Woori Financial shares

Woori Financial Group Chairman Yim Jong-yong and 55 other senior executives have purchased company shares as the group expands its nonbanking operations and integrates its two life insurers.

Yim bought 5,000 shares Aug. 24, shortly after Woori Financial completed its acquisition of Dongyang Life Insurance and announced plans to merge it with ABL Life Insurance, the company said Wednesday.

The shares were purchased at 31,800 won ($23.26) apiece, bringing Yim's holdings to 15,000 shares.

The other buyers included the heads of Woori’s 16 subsidiaries and executives from the holding company, Woori Bank and other key affiliates.

Woori Financial said the purchases demonstrate management’s commitment to increasing shareholder value.

The group has been strengthening its nonbanking businesses to diversify earnings. It completed a capital increase at its securities unit in May and began integrating Dongyang Life and ABL Life in August.

Woori Financial posted a record quarterly net profit of more than 1 trillion won in the second quarter, crossing the threshold for the first time.

Yim is scheduled to meet European investors this month, following investor meetings in Asia in June.