[THE INVESTOR] Hanwha Life Insurance is considering acquiring a stake in Woori Bank, according to the life insurer on Sept. 2.

“We are considering submitting a bid,” the firm said through its representatives. A final decision is expected to be reached at a Sept. 22 board meeting.

Sources said the life insurer may decide to take up a 4 percent stake in the bank, which would be worth around 293 billion won (US$262 million) based on the Sept. 1 closing price of 10,850 won for Woori Bank shares.




The state-run Korea Deposit Insurance Corp. said in a disclosure on Aug.24 that it would be selling 30 percent of its 51.08 percent stake in Woori Bank. The 30 percent would be split up into 4-8 percent stakes, it said.

Bidders must submit a letter of intent by Sept. 23.

Hanhwa may be driven toward a deal to promote its bancassurance business, industry watchers said.

Another reason is Hanwha’s relationship with KDIC, which is its third-largest shareholder with a 15.25 percent stake.

Also within the life insurance sector, Kyobo Life is said to be considering a stake acquisition in Woori Bank. Kyobo had unsuccessfully attempted to take over managerial control of the bank in 2014.

By Kim Ji-hyun (jemmie@heraldcorp.com)