Woori Financial completes full takeover of Dongyang Life

Woori Financial Group's subsidiary Dongyang Life Insurance was approved for a full merger at an extraordinary shareholder meeting on August 24. Shareholders voted overwhelmingly in favor, with a 93.6% approval among votes cast. The agreed exchange converts each Dongyang Life share into 0.2521056 shares of Woori Financial, valuing Dongyang at 8,720 won per share versus Woori’s 34,589 won. Minority shareholders had objected, claiming the exchange undervalued the company; Woori raised the purchase‑right price for dissenting holders by 10% to 9,356 won per share. The share transfer is scheduled for August 11, after which Dongyang Life will be delisted from the KOSPI market and new Woori Financial shares will begin trading at the end of August. The transaction was cleared by the Financial Services Commission after a regulator‑mandated amendment to the filing.