Woori Financial Chairman Yim Jong-yong Buys 5,000 Shares

56 Group Executives Also Buy Shares

Move Signals Commitment to Accountability, Share Support

Woori Financial Group Chairman Yim Jong-yong bought 5,000 shares in the company, with other group executives, including subsidiary chiefs and holding company officers, joining the purchases.

Woori Financial said in a regulatory filing on Sept. 2 that Yim purchased 5,000 Woori Financial shares on Aug. 24 at 31,800 won ($22.94) each. His holdings rose to 15,000 shares after the purchase. A total of 56 executives, including the heads and officers of 16 subsidiaries, also bought shares.

The purchases came shortly after Woori completed the process of making Tongyang Life Insurance a wholly owned subsidiary and formally announced a push to integrate Tongyang Life and ABL Life Insurance. Woori has been stepping up efforts to strengthen its nonbank businesses. In May, it completed a capital increase at its securities affiliate, and last month it began work on integrating the two life insurers. Woori Bank also executed 91% of its annual lending target for productive financing in the first half of this year.

Woori Financial's performance has also improved. The group posted second-quarter net income attributable to controlling shareholders of 1.0046 trillion won ($724.8 million), topping 1 trillion won in quarterly net profit.

The group said the stock purchases by the entire management team reflect a firm commitment to accountable management and supporting the share price. It added that Woori will faithfully carry out its value-up plan to address the stock's undervaluation.

Yim held investor relations meetings in Asia in June and plans to meet European investors later in September. He intends to outline the group's management direction directly and focus on broadening its investor base.

Oh Yoo-rim, Hankyung.com reporter our@hankyung.com