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Woori Financial Group head jets off on hunt for investors

Oct 03,2019
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Sohn Tae-seung
The chief of Woori Financial Group has headed overseas for a series of presentations aimed at attracting investment, the group announced on Friday.

Chairman Sohn Tae-seung will visit North America, Europe and the Middle East to target pension fund operators and other potential investors. Woori Bank is required to sell its holding in Woori Financial Group since banks are banned from owning a stake in a financial holding company.

Woori Bank acquired 42.1 million shares in the holding group last month after handing over the bank’s credit card unit to Woori Financial. The group noted that the chairman’s overseas trip to Asian countries in May helped bring in investors like Fubon Life Insurance, a Taipei-based insurance company.

Woori Bank sold its 4-percent stake in Woori Financial Group to the insurance unit of Taiwan’s Fubon Financial Holding earlier this month. The acquisition is worth 358.4 billion won ($299 million).

By Park Eun-jee