Woori Financial completes its acquisition of Aju Capital
Woori Financial Group closed a deal to acquire Aju Capital, a capital leasing company, the financial company said Thursday.
Woori Financial Group said it has acquired a 74.04 percent stake in Aju Capital from a special purpose entity established by Well to Sea Investment.
Woori signed a stock purchase agreement for the deal on Oct. 26.
Woori Financial Group now operates 12 subsidiaries including Aju.
Aju Capital has Aju Savings Bank as a subsidiary.
Aju Capital reported 6.5 trillion won ($6.0 billion) in assets and 90.9 billion won in net profit last year.
Woori believes it will become easier for Aju Capital to raise capital following the acquisition and also receive synergy effects through cooperation with other Woori subsidiaries, including Woori Bank, which is Korea’s fourth-largest lender by assets.
“With the addition of Aju Capital and Aju Savings Bank, [Woori Financial Group] will play an integral role in consumer finance, while providing financial convenience more stably to the vulnerable social groups through various measures, including loans,” said Son Tae-seung, chairman and CEO of Woori Financial Group, in a statement.
BY JIN MIN-JI [email@example.com]