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[Alpha Biz=(Chicago) Reporter Kim Jisun] Woori Financial Group has stopped considering acquiring Sangsangin Savings Bank.
According to the financial sector on the 21st, Woori Financial Group selected Samil Accounting Firm as an advisor with the acquisition of Sangsangin Savings Bank in mind and conducted due diligence, but finally decided that the conditions were not met.
It is interpreted as a result of comprehensive consideration of the acquisition cost, synergy with existing financial affiliates, and the insolvency of Sangsangin Savings Bank's real estate project financing (PF).
Some predicted that the acquisition cost would reach up to 500 billion won, but the conservative view that more than 200 billion won was difficult internally was dominant in Woori Finance.
Sangsangin also said in a public inquiry on a review of Woori Financial Group's takeover that "it considered selling its stake in Sangsangin Savings Bank to Woori Financial Group to implement the stock disposal order received from the Financial Services Commission on the 5th of last month, but decided not to push ahead with the sale."
AlphaBIZ 김지선(stockmk2020@alphabiz.co.kr)
