The Financial Services Commission is expected to hold a regular meeting on May 2 and issue a "conditional approval" decision regarding Woori Financial Group's acquisition of Tongyang·ABL Life Insurance.
According to the financial industry on April 29, the Financial Services Commission concluded discussions on the acquisition of Tongyang·ABL Life Insurance at an agenda review subcommittee meeting held on April 28. The final decision on the acquisition will be made at the commission's regular meeting, and for the agenda to be submitted, it must first undergo a preliminary review by the agenda review subcommittee.
It is reported that the agenda review subcommittee has held four meetings since March 27 to discuss this matter. Once the commissioners decide whether to submit the agenda, it is expected to be included in the regular meeting scheduled for May 2.
Meanwhile, in August of last year, Woori Financial Group signed a stock purchase agreement (SPA) with China's Dajia Insurance Group to acquire a 75.34% stake in Tongyang Life Insurance for 1.284 trillion won and a 100% stake in ABL Life Insurance for 265.4 billion won, respectively.
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