Woori Financial Group and Korea Deposit Insurance Corporation (KDIC) announced on Oct. 5 that they signed a framework agreement on the transfer of approximately 9.36 million shares, representing approximately 1.2 percent of Woori Financial Group, from KDIC.
KDIC is a Korean government-run company.
A signing ceremony for the stock transfer agreement was held at KDIC in the attendance of Woori Financial Group Chairman Yim Jong-yong and KDIC President Yoo Jae-hoon on Oct. 5.
Through this agreement, Woori Financial Group will purchase KDIC’s remaining shares in the future as its treasury shares.
The details of the purchase, including the timing, will be determined by the Public Funds Management Committee of the Korean government and Woori Financial Group’s board of directors.
A share transfer agreement will be signed by the end of 2024.
If the share transfer agreement is not concluded by the end of 2024, the two parties may extend the period after reaching an agreement based on good faith.
With this agreement, KDIC will smoothly implement the sale of the remaining shares under the agreement, completing the 25-year-long privatization of Woori Financial Group while Woori Financial Group will lay the foundation for enhancing shareholder value through share buybacks.
“The agreement was signed due to Woori Financial Group’s strong willingness for shareholder-friendly policies, such as the introduction of quarterly dividends and resolution to buy back and cancel shares and KDIC’s early recovery of public funds,” a financial industry insider said.
Mentoring for Grown Orphans Preparing for Independence
Woori Financial Group’s Woori Financial Future Foundation announced on Oct. 17 that it held a ceremony in honor of the inauguration of the first class of “Woorisai,” a mentoring program for grown orphans preparing for self-reliance, at Woori Financial Digital Tower in Seoul, Oct. 14.
In December last year, the Woori Financial Future Foundation signed a business agreement with the Ministry of Health and Welfare and the Social Chest of Korea to implement a project to build a social support system for grown orphans preparing for independence.
“Woorisai” is a mentoring program through which older independent grown orphans who succeeded in getting on their feet help grown orphans preparing for independence build relationships with each other, where older independent grown orphans become mentors for grown orphans preparing for independence, pass on their experiences and know-how, and become life advisors for them.
The Woori Financial Future Foundation supports various support programs for them including the mentoring program to help grown orphans become independent without difficulties.
A ceremony was held to announce the full-scale launch of the mentoring program and to build the mentors’ capacity.
Support for Children with Visual and Hearing Impairments
Woori Financial Group’s Woori Financial Future Foundation announced on Sept. 17 that it will launch the “Woori Look & Hear Project” to support visual and hearing surgeries for low-income children at the finale of the social contribution concert “Woori Momocon.”
The project will provide 1 billion won in annual support to more than 200 low-income children and teenagers who need eye surgery and cochlear implants.
The support funds will cover their surgery and rehabilitation costs.
Chairman Yim Jong-yong of Woori Financial Group visited the Woori Momocon venue on Sept. 17 to personally announce the new social contribution project with popular singer/actress IU who is Woori Financial Group’s brand ambassador.
In particular, IU, who attended the event as a special guest despite her busy schedule, agreed about the purposes of the Woori Look & Hear Project and donated all of her performance fees and gave a performance expressing her gratitude to those who participated in the event, making the project more important and meaningful.
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