Yim Jong-ryong, chairman of Woori Financial Group, will attend a corporate presentation (IR) in Hong Kong to communicate directly with shareholders. Ahead of the acquisition of Woori Financial's insurance companies, Chairman Yim is expected to explain the related expected effects and management goals.
According to the financial sector on the 21st, Chairman Yim will participate in the IR targeted at overseas institutional investors from the 28th to the 30th in Hong Kong. Woori Financial noted that this is aimed at enhancing communication with major shareholders and investors.
This will be Chairman Yim's second participation in an overseas IR since taking office, following his trip to London in September 2023, about one year and eight months ago. Chairman Yim plans to accelerate value enhancement by strengthening communication with shareholders this year. In a letter sent to overseas investors last January, he stated, "In 2025, I will visit overseas investors directly to explain the vision and strategy of Woori Financial and expand opportunities to hear various opinions."
Chairman Yim is expected to discuss the expected effects and management goals resulting from the acquisition of Tongyang and ABL Life Insurance at the IR. "Strengthening non-banking services" has been a project that Chairman Yim has actively pursued since the beginning of his term. The acquisition of insurance companies is particularly significant because Woori Financial has a high dependency on banking, with Woori Bank accounting for nearly 100% of its net profit. Following the launch of Woori Investment & Securities last year, Woori Financial plans to improve its performance by expanding synergies among its affiliates through the acquisition of the insurance companies.
The will to boost the undervalued stock value is also expected to be emphasized again. As of the end of last year, the price-to-book ratio (PBR) of Woori Financial's shares was 0.39 times, which is lower than that of other financial holding companies, such as KB, Shinhan, and Hana (0.43 to 0.61 times). Woori Financial is actively pursuing shareholder returns to enhance its credibility in the global market. After Chairman Yim took office, Woori Financial conducted quarterly dividends in July 2023, and in March, it introduced a reduced dividend, which is a "tax-free dividend," becoming the first among financial holding companies.
Meanwhile, Woori Financial plans to complete the acquisition process through payment of the acquisition costs at the shareholders' meetings of Tongyang Life and ABL Life, which will be held in early July.