South Korea’s Woori Bank holds a board meeting on Tuesday to kick off the process of transition into a financing holding entity.
The identity change also requires review and approval from financial authorities that could take one or two months. The process will be finalized after the reorganization is approved by shareholders by the end of the year, allowing it to start anew as a financial holding group capable of expanding business to nonbanking sector from next year. The new holding entity is expected to relist on the main bourse in March.
As a financial group, Woori Bank is expected to turn aggressive in mergers and acquisitions to strengthen its non-banking segments including asset management and real estate investment as a latecomer in the segment.
On Monday, shares of Woori Bank closed up 1.55 percent at 16,350 won ($14.79) from the previous session.
By Lee Seung-yoon and Lee Ha-yeon
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