South Korea's top financial regulator, the Financial Services Commission (FSC), conditionally approved Woori Financial Group's (KRX:316140) acquisition of Dongyang Life Insurance and ABL Life Insurance at its May 2 meeting, the FSC said in a Friday press release.

Woori must implement internal control and capital plans through 2027, reporting progress to the Financial Supervisory Service (FSS) every six months, the release said.

The FSS will inspect and report annually to the FSC. Non-compliance could trigger corrective or divestment orders under the Financial Holding Companies Act, it said.

The value of the acquisition was undisclosed.