56 executives from 16 subsidiaries join buyback

Im to hold European investor IR this month

Woori Financial Group Chairman Im Jong-ryong [Woori Financial Group]
Woori Financial Group Chairman Im Jong-ryong [Woori Financial Group]

Woori Financial Group said Wednesday that Chairman Im Jong-ryong purchased 5,000 shares of Woori Financial on the open market as part of efforts to enhance corporate value.

The buyback, carried out Aug. 24, also drew participation from 56 executives and officers across 16 Woori Financial Group subsidiaries.

The purchase came after the group completed a roughly four-month process to make Tongyang Life Insurance a wholly owned subsidiary and formally announced plans to merge Tongyang Life with ABL Life Insurance.

Woori Financial said the buyback was intended to reaffirm to the market its commitment to boosting corporate value by securing growth momentum across both its banking and non-banking businesses.

The group has been accelerating efforts to build growth drivers in both segments.

Woori Bank executed 91 percent of its annual productive-finance lending target in the first half of this year, while the non-banking segment completed a rights offering at its securities unit in May and formally launched the integration of its life insurance operations in August.

Im is scheduled to meet European investors for an IR roadshow this month. Having confirmed strong interest and high expectations from overseas investors at an Asia IR in June, he plans to personally present the group's strengthened earnings fundamentals and future management direction at the upcoming sessions.

"The fact that Chairman Im Jong-ryong and the group's senior management joined together in the buyback is a firm expression of their commitment to responsible management and share price support," a Woori Financial Group official said. "We will faithfully carry out our value-up plan — our promise to the market — on the back of secured growth momentum, work to resolve the undervaluation of our shares, and meet shareholder expectations on returns."

Meanwhile, Woori Financial completed a 200 billion won ($146 million) share buyback and cancellation in June. The group plans to buy back and cancel an additional 150 billion won worth of shares in the second half of the year.


hyuk@heraldcorp.com