Woori Financial Group. (Photo = Yonhap News)

 

[Alpha Biz= Reporter Paul Lee] Woori Financial Group will participate in the acquisition of Lotte Insurance, which is for sale.

According to the financial sector on the 25th, Woori Finance submitted a letter of intent (LOI) to JP Morgan, the organizer of the sale of Lotte Insurance. Along with Woori Finance, global private equity fund managers such as BlackRock, Blackstone, and KKR are said to have participated in the competition to acquire Lotte Insurance.

Woori Finance said it has submitted a letter of intent to the host company to review the sale of non-life insurance companies in order to diversify its portfolio.

The plan is to conduct due diligence to determine whether prices and other conditions meet their own standards and not to spend more than the appropriate price depending on the results of the review. Currently, the sale price of Lotte Insurance is priced at between 2 trillion won and 3 trillion won.

Non-banking affiliates that Woori Finance does not own include insurance companies and securities firms. Woori Finance is also seeking to acquire Korea POS Securities.

 

 

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