Dongyang Life has completed its comprehensive stock exchange process with Woori Financial Group, officially becoming a wholly owned subsidiary of the group.
On August 11, Dongyang Life announced that it had finalized the stock exchange with Woori Financial Group. This followed the signing of a stock exchange agreement in April, which was completed after receiving approval from relevant authorities and a vote at a shareholders' meeting.
As a result, Dongyang Life will relinquish its status as a publicly traded company after approximately 17 years since its listing on the securities market in 2009. The company is set to undergo delisting at the end of this month, transitioning to a non-listed wholly owned subsidiary of Woori Financial.
Through this restructuring, Dongyang Life expects to simplify its decision-making process and accelerate the implementation of its management strategies. The company also anticipates cost savings from eliminating duplicate listings and establishing a sustainable management system.
Dongyang Life plans to enhance synergies with Woori Financial's affiliates. By collaborating with banks, card services, and securities firms, the company aims to expand its customer base and improve the competitiveness of its products and services, while also exploring future business opportunities utilizing the group's human and material resources.
Sung Dae-kyu, CEO of Dongyang Life, stated, “We will secure new growth engines by combining Woori Financial Group's comprehensive financial competitiveness with Dongyang Life's insurance expertise. We aim to establish ourselves as a core affiliate of Woori Financial Group that provides greater value to our customers.”
* This article has been translated by AI.
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