Businessweek

Woori Finance Holdings Co., Ltd. has announced that it has named a new group chief. Lee Soon-woo, head of the firm's banking unit, has been named as the group's new chief. The appointment would facilitate a government move to resume the sale of the state-invested banking group.

Woori Finance Holdings Co., Ltd. reported consolidated and separate earnings results for the first quarter ended March 31, 2013. For the period, on consolidated basis, interest income was KRW 3,413,589 million against KRW 3,858,182 million a year ago. Net interest income was KRW 1,684,885 million against KRW 1,870,668 million a year ago. Operating income was KRW 343,887 million against KRW 991,075 million a year ago. Net income before income tax expense was KRW 347,971 million against KRW 966,245 million a year ago. Net income attributable to owners was KRW 209,963 million or KRW 251 per basic and diluted share against KRW 664,815 million or KRW 818 per basic and diluted share a year ago. Net cash used in operating activities was KRW 6,339 million against KRW 1,707,096 million a year ago. Acquisition of premises and equipment was KRW 45,081 million against KRW 70,929 million a year ago. Acquisition of intangible assets was KRW 14,993 million against KRW 16,035 million a year ago. For the period, on separate basis, interest income was KRW 2,162 million against KRW 1,227 million a year ago. Net interest expense was KRW 40,704 million against KRW 46,538 million a year ago. Operating income was KRW 207,685 million against KRW 501,557 million a year ago. Income before income tax was KRW 206,994 million against KRW 501,427 million a year ago. Net income was KRW 206,926 million or KRW 248 per basic and diluted share against KRW 501,475 million or KRW 616 per basic and diluted share a year ago. Net cash provided by operating activities was KRW 200,210 million against KRW 455,768 million a year ago.

Woori Finance Holdings Co., Ltd. announced earnings results for the first quarter ended March 31, 2013. For the period, the company reported profit attributable to the equity holders of the parent entity was KRW 213,746 million compared to KRW 664,820 million for the same period a year ago. Income before income tax expense was KRW 360,514 million compared to KRW 966,257 million for the same period a year ago. Operating income was KRW 356,431 million compared to KRW 991,087 million for the same period a year ago. Revenue was KRW 7,307,317 million compared to KRW 7,819,986 million for the same period a year ago.

Woori Finance Holdings Co., Ltd. announced that they will report Q1, 2013 results at 4:30 PM, Korea Standard Time on Apr 30, 2013

The privatization of Woori Finance Holdings Co., Ltd. (KOSE:A053000) may impact the acquisition of Hanmi Financial Corporation (NasdaqGS:HAFC) by Woori America Bank. The acquisition may be suspended depending on how the government intends to privatize the financial group and who will become the new head of the group. A group official said, "We have to wait and see what the privatization road map will be, whether we’ll be able to go ahead with the takeover plan. Woori America is under the authorities’ review, and is expected to get a second-grade rating this time, which will qualify it for mergers and acquisitions. When the result comes out in June 2013, we’ll review whether to acquire Hanmi or another Korean-American bank."