Korean bank sets up investment arm (hktdc.com)

Woori Global Markets Asia Limited ("WGMA"), wholly-owned subsidiary of Woori Bank, one of the largest commercial banks in Korea has set up an investment arm in Hong Kong.

As the first Korean financial institution to become a global investment platform launched in Hong Kong, WGMA will target all potential clients in Asia and emerging markets, with a distinctive business model of providing cross-border financial services including underwriting, arranging and advisory services in relation to syndicated lending and financial accommodation in the corporate & secured finance sector and the project & structured finance sector.

It also intends to offer debt capital market services, fixed-income, asset management and other value-added products in the near future. Along with commercial services rendered by Woori Bank Hong Kong Branch and equity-related trading and other investment services provided by Woori Investment & Securities (HK) Limited, WGMA will complete Woori Group's lineup of a full range of financial services in Hong Kong.

"The inception of Woori Bank's Investment Banking Group in 2002 has played a key role in the corporate and investment banking business in Korea. At that time, it was the first attempt by a Korean domestic financial institution to create a business unit solely for investment banking and its success was closely followed by other banks in Korea. The group is now expanding its presence overseas through WGMA. We hope our effort this time will again set the best practice for the financial sector in Korea," said Chairman and Chief Executive of Woori Financial Group Hwang Young-key.

The Director-General of Investment Promotion at Invest Hong Kong, Mike Rowse, welcomed the establishment of Woori Markets Asia Limited in Hong Kong. He said: "Hong Kong is an international financial hub housing more than 70 of world's top 100 banks. We offer an unbeatable strategic location, high-speed communications, free flow of capital and information, as well as the world's freest economy."

Woori Financial Group ("WFG") is Korea's first financial holding company and one of the largest financial groups in Korea. Under its umbrella are three banks, a securities firm, an asset management company, a private equity fund as well as other companies. Among them, Woori Bank is the flagship company, representing more than 80% of its assets and Korea's leading corporate bank for the last century.

Woori Bank's overseas network is based in 11 countries and 34 regions around the world, including New York, London, Tokyo, Singapore, Hong Kong, Beijing, Shanghai and Shenzhen. Suzhou will be included as the 4th branch in Greater China very soon.