Woori Financial Group Inc. (KOSE:A316140) entered into a memorandum of understanding to acquire an additional 65.7% stake in Kukje Asset Trust. Ltd from Yoo Jae-eun and his daughter on April 3, 2019. The agreement was signed on July 25, 2020.

Kukje reported a net profit of KRW 31.5 billion in 2018. Woori Financial Group Inc. (KOSE:A316140) entered into a memorandum of understanding to acquire an additional 67.5% stake in Kukje Asset Trust. Ltd from Yoo Jae-eun and his daughter on April 3, 2019.

Kukje reported a net profit of KRW 31.5 billion in 2018. As on July 26, 2019, For the financial year ended on December 31, 2018 Woori Asset Trust Co., Ltd. reported Total assets KRW 113,786 and Total stockholders' equity KRW 76,453. Woori Financial Group Inc. completed the acquisition of 44.5% sake and the remaining 21.27% will be acquired three years later.

KPMG Corporate Finance LLP acted as financial advisor to Yoo Jae-eun and his daughter.