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.