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Woori Financial Group (WF) plans to acquire a 100% stake in Woori Card for KRW598.4bn in cash, and buy a 59.8% stake in Woori Investment Bank from Woori Bank for KRW392.8bn. The market had anticipated that these two second-tier subsidiaries would become first-tier subsidiaries of Woori Financial Group. The resulting stock dilution (EPS -5.8%, BVPS -3.1%) has been mostly priced in, in our view. Woori Bank has to sell Woori Financial Group shares within six months, and it should not be difficult to find potential buyers at home and abroad, including