Woori Financial Group Inc. completed the acquisition of Tongyang Asset Management Corp. and ABL Global Asset Management Co. from Anbang Insurance Group Co., Ltd.
August 31, 2019
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Woori Financial Group Inc. (KOSE:A316140) signed a contract to acquire Tongyang Asset Management Corp. and ABL Global Asset Management Co. from Anbang Insurance Group Co., Ltd. on April 5, 2019. Woori Financial Group Inc. will acquire 73% stake in Tongyang Asset Management Corp. for KRW 122.4 billion and will acquire 100% stake in ABL Global Asset Management. As of December 31, 2018, Tongyang Asset Management had total assets of KRW102 billion and ABL Global Asset Management had total assets of KRW 34 billion. Woori Asset Management Corp. Transaction is subject to regulatory approvals and other closing conditions. On July 24, 2019, Woori Financial received regulatory approval for the change of a major shareholder of ABL Global Asset Management from the Korean Financial Services Commission. Transaction is expected to close in the second quarter of 2019.
Woori Financial Group Inc. (KOSE:A316140) completed the acquisition of Tongyang Asset Management Corp. and ABL Global Asset Management Co. from Anbang Insurance Group Co., Ltd. on August 1, 2019. Tongyang Asset Management Corp was renamed as Woori Asset Management Corp. and ABL Global Asset Management Co., Ltd. to Woori Global Asset Management Co., Ltd. on December 6, 2019.
Woori Financial Group Inc. is a financial holding company. The Companyâs main subsidiary companies include Woori Bank, WOORI FIS Co., Ltd., Woori Finance Research Institute, woori credit Information co., Ltd., Woori Private Equity Asset Management Company, Ltd and WOORI FUND SERVICE LIMITED., among others. Woori Bank provides deposits, loans, funds, foreign exchange transactions, payment guarantees, securities investment, trust investment, and credit card services. WOORI FIS Co., Ltd. provides computer system installation and development, software development, telecommunication equipment supply and maintenance services. Woori Finance Research Institute conducts research activities on management strategies and the financial industry. woori credit Information co., Ltd. is engaged in credit investigation and collection of bonds. WOORI FUND SERVICE LIMITED. is engaged in private equity investment.
Woori Financial Group Inc. completed the acquisition of Tongyang Asset Management Corp. and ABL Global Asset Management Co. from Anbang Insurance Group Co., Ltd.