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Woori Bank sells 2.7% stake in Woori Financial Group to foreign investors

South Korea's Woori Bank sold 2.7% of its stake in its holding Woori Financial Group Inc. to foreign institutional investors before trading March 22, The Korea Herald reported the same day, citing a company statement.

Some 18,346,782 shares were sold in a block deal, which raised foreign ownership in Woori Financial to 30.2% from 27.5% as of its Feb. 13 public listing. The lender attracted about US$750 million in bookings, or more than three times the maximum offering.

The capital from the sale will increase Woori Bank and Woori Financial's BIS adequacy ratios by 18 and 10 basis points, respectively, the report said.

Woori Financial was launched as the lender's holding company Jan. 11.

As of March 21, US$1 was equivalent to 1,130.34 South Korean won.