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| Woori Financial Chairman Sohn Tae-seung |
By Park Hyong-ki
Woori Financial Group Chairman Sohn Tae-seung is on a roll in mergers and acquisitions (M&A).
Since the group was launched as a holding company last January, Sohn has made aggressive deals to acquire non-banks such as asset management and real estate trusts.
Recently, Woori Bank, in partnership with MBK Partners, has been named the new preferred buyer of Lotte Card. Sohn is also the chief executive of Woori Bank.
MBK is leading the partnership with the private equity fund manager seeking to acquire a 60 percent stake in the credit card company. Woori and Lotte Group will each own a 20 percent stake, if they seal the deal.
The shift was somewhat expected given that Lotte Card's previous preferred bidder Hahn & Co. failed to reach an agreement during the preferential negotiation period.
Sohn is in Tokyo meeting with potential institutional investors to discuss Woori's latest and future deals, according to the company.
From day one when the holding company was launched, Sohn has shown his determination to increasing the group's non-banking business.
"We've still got a long way to go when compared with other big financial groups," a Woori Financial spokesman said.
"We wish we could say our next target would be acquiring a securities company. But there are barely any brokerages here on sale."
As Chairman Sohn has said, Woori Financial could forge strategic ties by investing in brokerages, the spokesman added.
The group has so far signed share purchase agreements to acquire Tongyang Asset Management, ABL Global Asset Management and Kukje Asset Trust, a privately held real estate management company.
But industry sources say acquiring a securities company would be Sohn's ultimate trophy.
"This is because brokerage and investment banking usually takes up a large portion of any financial business after commercial banking. Having a securities company within the group would certainly boost Woori to the next level," an industry source said.
Sohn will be flying home from his investor relations meetings in Tokyo on May 23, the company said.
