Woori Bank suspected of misselling investment product
Seoul - Yonhap
The financial watchdog said Wednesday it plans to discipline Woori Bank Co. for selling an investment product with omitted information that may have misled investors about potential risks. The product, which Woori Bank sold in 2007, was linked to a 2.4 trillion won (US$2.3 billion) development project to build a large trade center called Pi City in southern Seoul. The lender collected 190 billion won from 1,400 investors, promising a dividend of 8 percent.
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