The Swiss bank Credit Suisse has gained access to the Korean asset management industry, buying a 30% stake in Korean company Woori Asset Management.
Credit Suisse has agreed to pay over $57 million for the stake in Woori Asset Management, part of the Woori Financial Group, Korea’s third largest financial services group.
Commenting on the deal, Woori Financial Group chairman Hwang Young-key expressed his ambitions for the company, to be named Woori Credit Suisse Asset Management.
“Our ambition is to grow the joint venture into the largest asset manager in providing clients with world class products and services through the combination of Woori’s offshore strength and Credit Suisse’s knowledge of global markets and expertise,” Hwang said.
The deal will gain Credit Suisse access to a financial market with a fast-growing demand for asset management.
Korea currently has over $200 billion worth of assets under management in the county, making it an increasingly important market for asset managers operating in Asia.