October 25, 2024

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Woori Financial Group, one of South Korea’s five financial holding companies, acquired Kukje Asset Trust, the group said on July 26.

It is buying a 65.7 percent stake in the real estate management firm from major shareholders, including Kukje Asset Trust Chairman Yoo Jae-eun.

This marks Woori’s second takeover of nonbanking firms since Woori Bank transformed into Woori Financial Group in February. 

Kukje Asset Trust Chairman Yoo Jae-eun (left) and Woori Financial Group Chairman Sohn Tae-seung

In April, Woori bought Tongyang Asset Management and ABL Asset Management, subsidiaries of Anbang Group-owned insurance companies in South Korea.

“Following the acquisition of Kukje Asset Trust, we will actively seek other financial companies to build up the most optimal business portfolio and boost the competitiveness as a financial group as well as corporate value,” Woori Financial Group Chairman Sohn Tae-seung said.

By Park Ga-young (gypark@heraldcorp.com)