South Korea’s Woori Financial Group is seeking to buy an additional 25 percent stake in Aju Capital Co. and Aju Savings Bank for full ownership to strengthen its holding portfolio.

Woori Financial Group Inc., most late in becoming a financial conglomerate among lending majors, will put its plan of purchasing additional 25 percent stakes in Aju Capital, at a board meeting on Friday, according to industry sources.

The financial group already owns a 49 percent stake in Aju Capital plus the first-refusal right for 25 percent stakes after investing 102.5 billion won ($90 million) in Well to Sea No.3 Investment Purpose Company Co. The special purpose company set up by private equity fund manager Well to Sea Investment acquired a 74 percent stake in Aju Capital in 2017.

With the additional 25-percent stake purchase, Woori Financial Group will take over Aju Capital as well as the credit finance company’s fully owned subsidiary Aju Savings Bank.

Woori Financial Group’s full acquisition of Aju Capital and Aju Savings Bank needs to get approval from the Financial Supervisory Service.

On Thursday, Woori Financial Group shares finished 2.07 percent higher at 8,880 won.

By Moon Il-ho and Cho Jeehyun

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]