Woori Financial chief buys back group shares to show confidence in future business
Woori Financial Group Chairman Sohn Tae-seung (Woori Financial Group)
Woori Financial Group said Friday its Chairman Sohn Tae-seung recently bought back 5,000 company shares to show his confidence in the banking group’s future growth.
Sohn’s stock buyback marks the fifth time this year, following his earlier buying in January, March, April and August. He now holds 88,127 shares in Woori Financial.
“By purchasing the firm’s shares in the wake of the COVID-19 crisis, he aimed to build market confidence in the group’s corporate fundamentals, such as revenue or assets, while demonstrating his strong will to foster future business,” an official said.
Since rebranding itself as a full-fledged financing conglomerate last year, the banking group has embarked on an acquisition deal to diversify its profits beyond its cash cow banking business.
On Thursday, Woori Financial completed its takeover of Aju Capital from private equity firm Well to Sea Investment and incorporated the company into its own unit, officials said.
Earlier on Oct. 26, the banking giant signed a stock purchase agreement to acquire a 74.04 stake in the capital leasing company, which owns credit subsidiary Aju Savings Bank, for 572.4 billion won ($524.3 million).
Following the acquisition, synergy effects between different subsidiaries will enhance the group‘s nonbanking areas, fostering business growth, they added.
“(Woori Financial Group) will continue to take a lead in consumer finance with the newly acquired Aju Capital and Aju Savings Bank, while ensuring reliable financial services to vulnerable social groups, including low-income households and small businesses,” Woori Financial Chairman Sohn Tae-seung said in a statement.
By Choi Jae-hee (email@example.com