Aju Business Daily

SEOUL -- To achieve the quick diversification of its business portfolio, the newly launched holding company of Woori Bank, a state-controlled lender bailed out with taxpayer's money during a financial crisis decades ago, promised to actively push for the acquisition of non-banking units.

Woori Bank formally turned itself into a holding company Monday. Because it is now free from government restrictions, Woori can acquire other units to provide diversified services in securities, asset management and real estate trusts.

"We will rebuild our business portfolio this year through active mergers and acquisitions in the non-banking sector," Woori Financial Holdings chairman Sohn Tae-seung told reporters, adding his bank would increase its presence in Southeast Asia.

"For our global business, we have expanded a Southeast Asian network and plan to do further in the future. If necessary, we will use mergers and acquisitions," he said, suggesting Woori Financial Holdings would open diversified banking and non-banking services abroad.

In the domestic market, Sohn said that Woori would try to buy a securities firm this year independently or through a joint investment, while the acquisition of an insurer may take time.

Woori was bailed out with 12.8 trillion won ($11.4 billion) in state money during the 1998-99 Asian financial crisis that forced a sweeping consolidation of financial institutions. As a result, the government held a 51-percent stake in the bank. For privatization, the government sold a 28 percent stake to seven institutional investors in 2016.

Choi Jong-ku, chairman of the Financial Services Commission, said the government would try to sell its remaining 18.4 percent stake io Woori at an early date.