SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE13a-16 OR15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of June 2020
Commission File Number:001-31811
Woori Financial Group Inc.
(Translation of registrant’s name into English)
51,Sogong-ro,Jung-gu, Seoul, 04632, Korea
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form20-F or Form40-F.Form 20-F ☒ Form40-F ☐
Indicate by check mark if the registrant is submitting the Form6-K in paper as permitted by RegulationS-T Rule 101(b)(1): ☐
Note: RegulationS-T Rule 101(b)(1) only permits the submission in paper of a Form6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form6-K in paper as permitted by RegulationS-T Rule 101(b)(7): ☐
Note: RegulationS-T Rule 101(b)(7) only permits the submission in paper of a Form6-K if submission to furnish a report or other document that the registration foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and if discussing a material event, has already been the subject of a Form6-K submission or other Commission filing on EDGAR.
Acquisition of Shares of Woori Bank
On June 15, 2020, the Board of Directors of Woori Financial Group Inc. (“Woori Financial Group”) passed a resolution to approve the acquisition of common shares of Woori Bank, a wholly-owned subsidiary of Woori Financial Group. The key details of the acquisition are as follows:
• | Number of shares to be acquired : 40,000,000 |
• | Purchase price (KRW) : 1,000,000,000,000 |
• | Ratio of purchase price to total equity of Woori Financial Group : 3.92%, based on Woori Financial Group’s total equity of KRW 25,492,331,547,376 as of December 31, 2019. |
• | Method of the acquisition: Cash payment |
• | Purpose of share acquisition : To strengthen Woori Bank’s capital adequacy and business competitiveness |
• | Total number of shares to be owned by Woori Financial Group following the acquisition: 716,000,000 (100% of Woori Bank’s total issued shares) |
• | Expected date of transaction: June 17, 2020 (subject to change) |
• | Key financial data of Woori Bank |
(in millions of Won)
Total Assets | Total Liabilities | Total Equity | Share Capital | Operating Revenue* | Net Income | Audit Opinion | Auditor | |||||||||||||||||||||
FY2019 | 348,181,658 | 325,526,567 | 22,655,091 | 3,381,392 | 21,290,018 | 1,527,065 | Unqualified | Deloitte Anjin | ||||||||||||||||||||
FY2018 | 340,447,183 | 318,494,138 | 21,953,046 | 3,381,392 | 19,940,556 | 2,051,649 | Unqualified | Deloitte Anjin | ||||||||||||||||||||
FY2017 | 316,295,461 | 295,730,561 | 20,564,900 | 3,381,392 | 23,725,106 | 1,530,088 | Unqualified | Deloitte Anjin |
* | Represents the sum of interest income, fee and commission income, dividend income, gain on financial assets and other operating income (excludingnon-operating income). |
** | FY2018 operating revenue includes Woori Card and other subsidiaries’ figures (prior to the stock exchange between Woori Bank and Woori Financial Group relating to subsidiary shares) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Woori Financial Group Inc. | ||||||
(Registrant) | ||||||
Date: June 15, 2020 | By: /s/ Kyong-Hoon Park | |||||
(Signature) | ||||||
Name: Kyong-Hoon Park | ||||||
Title: Deputy President |