Business Context and Reporting Period
This Form 6-K is filed by Woori Finance Holdings Co., Ltd. (Woori Financial Group Inc.) for the month of January 2013. The filing reports a material corporate event regarding the restructuring of a wholly owned subsidiary, Woori Bank.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This document serves solely to announce a change in the timeline for a corporate transaction.
Material Changes
The primary material change disclosed is the revision of the planned horizontal spin-off date for Woori Bank's credit card business. Previously, the date was listed as "to be determined in the future." It has now been set for February 28, 2013.
Outlook and Management Commentary
Management has provided a revised schedule for the spin-off transaction:
- Expected date of extraordinary meeting of shareholders of Woori Bank: January 23, 2013
- Expected date of registration of spin-off: March 4, 2013
The filing references prior disclosures made on September 19, 2011, and November 23, 2011, regarding this planned spin-off.
Investor Verification Checklist
- Verify the outcome of the extraordinary shareholders' meeting scheduled for January 23, 2013.
- Confirm the official registration of the spin-off by March 4, 2013.
- Review prior Form 6-K filings from September and November 2011 for historical context on the spin-off plan.