Credit Suisse and Woori form Korean asset management JV

Credit Suisse buys 30% stake in Woori Asset Management; gains access to Korea's second largest retail and brokerage distribution network.
Credit Suisse has agreed to form a joint venture with Woori Asset Management to tap into the fast growing demand for asset management services in South Korea from both institutions and private individuals.

Credit Suisse will pay W54 billion $57.32 million for a 30% stake in the asset management subsidiary of Woori Financial Group, which is KoreaÆs third largest financial services group, the two partners said in a joint release.

Woori Financial Group also operates the countryÆs second largest network of retail and brokerage outlets, which makes it an attractive partner for a global asset management firm looking to boost its presence in this market.

The two banks already have a well-established relationship in other...
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