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[Alpha Biz=(Chicago) Reporter Paul Lee] Woori Financial Group has made it official to push for the acquisition of Sangsangin Savings Bank.
Kim Kun-ho, executive vice president of Woori Financial Group, said in a conference call for Woori Financial Group's third-quarter earnings announcement on the 26th, "The acquisition of Sangsangin Savings Bank is a matter under consideration. The Financial Services Commission is considering it because there is an authoritative interpretation that savings banks that are ordered to sell related to major shareholders can be merged."
Sangsangin and Sangsangin Plus Savings Bank are full subsidiaries of Sangsangin (100% stake). The largest shareholder is Yoo Jun-won, who holds a 23.44% stake in Sangsangin. It is a picture of CEO Yoo leading the entire group at the top. However, the imagination must find a new owner within six months. This is because the Financial Services Commission ordered the sale of the majority shareholder's stake.
If Woori Finance acquires Sangsangin Savings Bank, it will become one of the top seven savings banks along with its affiliate Woori Financial Savings Bank. Woori Financial Savings Bank, an affiliate, had assets of 1.61 trillion won as of the end of June. It ranks 30th in the industry. It is far below the market position of other financial holding companies' savings banks.
Sangsangin and Sangsangin Plus Savings Bank have assets of 3.299 trillion won. When Woori Financial Savings Bank merges the two companies, its assets will increase to 5 trillion won, ranking seventh in the industry.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
