Woori Financial Group Inc ADR (NYSE:WF)

North American company
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Market Info - WF

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Company Info - WF

  • Market Cap$6.259bn
  • SymbolNYSE:WF
  • IndustryFinancial Services
  • SectorBanks - Regional
  • Currency
  • ISINUS9810641087

Company Profile

Woori is one of Korea’s four largest commercial banking groups. It was formed in 2001 through the merger of several financially troubled banks affected by the Asian financial crisis and became temporarily 100% government-owned after a bailout. It had been the largest banking group by assets but is now number four after the government required the sale of a number of subsidiaries in 2014 in an effort to recoup taxpayer money. The government subsequently sold down its stake from 51% to 21% through a bidding process in which seven investors each took several percent and currently owns 17.25% with a plan to completely divest itself of Woori by 2022, although we expect a further delay is likely given the share-price decline after the coronavirus pandemic that could leave taxpayers with a loss.

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