Korea Foss Securities Co., Ltd. agreed to acquire Woori Investment Bank Co.,Ltd. from Woori Financial Group Inc. (KOSE:A316140) on May 3, 2024. Korea Foss Securities Co., Ltd. will become a direct subsidiary of Woori Financial Group, while Woori Investment Bank Co., Ltd. will no longer be a subsidiary of Woori Financial Group, since it will cease to exist. Upon completion of the grant, the largest shareholder of Korea Force Securities Co., Ltd., the surviving company, is expected to change to Woori Financial Group Co., Ltd. with an estimated share ratio of 97.13%.

Transaction was already approved by Woori Financial Group Inc's board of director's, transaction is still subject to Financial Services Commission approval and approval from Woori Investment Bank shareholders and Korea Foss Securities' shareholders. The transaction is conditional upon all necessary approvals and approvals from government agencies, approval for incorporation of a subsidiary, after the merger of the surviving company, the merged corporation must have secured all necessary approvals and permits from government agencies to conduct comprehensive securities business, defunct company's statements and guarantees in this contract must be accurate and consistent with the facts as of the date of conclusion of this contract and both the companies must have fulfilled all of the commitments and other obligations under this contract in all material respects. The general shareholders meeting is scheduled to take place on July 19, 2024.

The transaction is expected to close on August 1, 2024.