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JB Financial to make JB Woori Capital wholly owned unit

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JB Financial to make JB Woori Capital wholly owned unit

South Korea's JB Financial Group Co. Ltd. said it will acquire 9 million common shares in JB Woori Capital Co. Ltd. for 60 billion won.

The share purchase will take place July 20 to increase JB Financial's ownership in the consumer finance and auto loan provider to 100%. This transaction is based on JB Financial's exercise of existing warrants maturing the same day, according to a May 14 filing.

JB Woori Capital had 6 trillion won in assets at the end of 2017.

As of May 14, US$1 was equivalent to 1,069.31 South Korean won.