The board of directors of Woori Finance is likely to oppose the idea to sell Woori Investment & Securities in a separate bidding process, reported the Asia Economy.
The report, which did not cite a source, said the listed financial holding company is opposed to the idea to sell Woori Investment & Securities in separate bidding processes, and its board of directors would likely reject the matter in a meeting.
According to the report, the stake in Woori Investment Securities is directly held by Woori Finance, not by the South Korean government, and the Board of Directors of Woori Finance should determine whether or not to sell the subsidiary and the method of selling.
As reported, Woori Investment & Securities CEO earlier said that it would be better for Woori Finance to retain the subsidiary, considering the value of having a strong market player in a non-banking financial area.
Woori Finance holds a 34.96% stake in Woori Investment & Securities.
Source: Asia Economy (translated)
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