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Fubon Life Insurance to buy 4% stake in Woori Financial

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Fubon Life Insurance to buy 4% stake in Woori Financial

South Korea's Woori Bank is selling a 4% stake in its holding company Woori Financial Group Inc. to Taiwan's Fubon Life Insurance Co. Ltd. for 358.5 billion won, according to a Sept. 25 filing.

The bank will sell 28,890,707 shares of Woori Financial to Fubon Life for 12,408 won per share in a block deal before market's opening on Sept. 26.

Woori Bank acquired a 5.8% stake in Woori Financial for 12,350 won per share on Sept. 10 in exchange for transferring Woori Card Co. Ltd. to the group. Woori Financial said it will seek buyers for the remaining stake that Woori Bank holds in the group.

South Korean laws prohibit banks from holding a stake in a financial holding company and are required to sell the stake within six months after acquiring it, Yonhap News Agency reported.

As of Sept. 25, US$1 was equivalent to 1,198.78 South Korean won.