Woori Asset Management and Global Asset Management Pursue Merger... Becoming 10th Largest Asset Management Company

Woori Asset Management and Woori Global Asset Management, subsidiaries of Woori Financial Group, are planning a merger.

Woori Financial Group announced on the 22nd that Woori Asset Management and Woori Global Asset Management will each hold board meetings in October to resolve the merger. Once the merger is completed in January next year with Woori Asset Management as the surviving company, the combined assets will total 39 trillion KRW, elevating the company to a comprehensive asset management firm ranked within the top 10 in the market.

Woori Financial expects that the merger of Woori Asset Management, which focuses on traditional assets such as stocks and bonds, and Woori Global Asset Management, which specializes in alternative assets such as real estate and infrastructure, will achieve economies of scale while significantly enhancing management efficiency and competitiveness. Furthermore, the integrated company plans to maintain the independence of both divisions by operating a divisional general management system that considers the business and organizational characteristics of the traditional asset division and the alternative asset division after the merger.

A Woori Financial official stated, "This merger is not simply a consolidation of the two companies but will be pursued from the perspective of establishing a new company. Through strengthening group-level synergies, we aim to quickly become a leading asset management firm." He added, "We will continue to focus on expanding non-banking sectors such as securities and enhancing the overall competitiveness of the group to further increase shareholder value of Woori Financial."