Woori Financial chairman buys 5,000 shares in show of commitment to company value

Woori Financial Chairman Yim Jong-ryong bought 5,000 shares in the group as the company moved to integrate Dongyang Life and ABL Life.

The purchase took place on Aug. 24, after Woori Financial completed the roughly four-month process of making Dongyang Life a wholly owned subsidiary and formally began pursuing the integration of the two life insurers. The move was presented as a sign of Yim’s commitment to management responsibility and to improving the company’s value.

He was joined by 56 other executives, including the heads of all 16 subsidiaries as well as executives from the holding company, Woori Bank and key affiliates.

“

The decision by Chairman Yim and the entire group management team to buy company shares expresses a firm commitment to responsible management and supporting the share price

Woori Financial said its banking business had already carried out 91% of its full-year target for productive-finance lending during the first half of the year. Its non-banking operations completed a securities company rights offering in May and began the life-insurance integration process in August.

Yim is scheduled to meet European investors this month after holding investor-relations meetings in Asia in June. He plans to explain the group’s earnings capacity and future management direction directly to investors.

A Woori Financial official said the executives’ purchases showed a firm commitment to responsible management and supporting the share price. The group also said it would carry out its value-up plan, address what it sees as an undervaluation and meet expectations for shareholder returns.

“

We will faithfully implement our value-up plan, which is our promise to the market, resolve the undervaluation and meet expectations for shareholder returns