Woori Financial chief heads to Asia roadshow with post-M&A plan
Woori Financial Group Chairman Yim Jong-yong will embark on a five-day investor relations trip to Asian countries, marking his first solo overseas IR initiative since taking office in March 2023.
From May 26 to 30, Yim will visit Indonesia and Hong Kong to outline his strategy for expanding group value following the acquisitions of Tongyang Life Insurance and ABL Life Insurance from China's Dajia for a total of approximately 1.54 trillion won ($1.1 billion).
Yim will begin the trip in Indonesia, visiting Bank Woori Saudara, a local subsidiary with 31 branches and 130 offices alongside Woori Card to review performance and encourage staff. Bank Woori Saudara reported a net profit of 13.5 billion won in the first quarter.
From May 28 to 30, Yim will host IR meetings in Hong Kong with major shareholders and institutional investors. The agenda includes plans to strengthen synergies across banking, insurance and securities arms, reduce Woori Bank's dominant share of group earnings, and share updated shareholder return policies and risk management frameworks.
With regulatory approval now in place for Tongyang Life and ABL Life, Yim is expected to present Woori's roadmap to evolving into a comprehensive financial services provider. He will also address investor questions on the macroeconomic outlook in Korea and its implications for the group.
This trip marks Lim's first in-person overseas IR event since joint appearances in London and the Middle East in late 2023. A Woori official said that foreign ownership of the group rose by over 8 percentage points last year. As of Tuesday, foreign shareholding stood at 45.2 percent, up from 37.96 percent at the end of 2023.
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