Woori Bank's Head of Corporate Investment Banking Ki Dong-ho, left, Nuveen's Head of Korea Institutional Chang Jae-ho, center, and Woori Asset Management CEO Choi Seung-jae hold memorandum of understanding (MOU) documents at the headquarters of Woori Bank in Seoul, Friday. Courtesy of Woori Bank

Woori Bank and Woori Asset Management formed a strategic partnership with global asset management firm Nuveen, to enhance their competitiveness in global investment banking, the bank announced Sunday.

Nuveen is a global asset management subsidiary of the Teachers Insurance and Annuity Association of America, one of the world's largest institutional investors. With its 125-year history, the company provides investment solutions to over 1,300 institutions, including major pension funds across 32 countries. Nuveen manages assets worth about $1.2 trillion.

With this agreement, Woori Bank plans to jointly explore global investment banking opportunities in global financial sectors, including acquisition financing, infrastructure as well as real estate loans.

Woori Asset Management will collaborate with Nuveen in strengthening its product offerings by introducing new products, such as retirement pension products, retail funds for real estate investments and overseas indirect investment funds for domestic institutions.

For Nuveen, it intends to bolster its presence in the Korean market through a partnership with Woori Bank and Woori Asset Management.

"Woori Bank expects the strategic alliance with Nuveen, a global large-scale asset manager, will expand the bank's investment banking capabilities. Through this agreement, we aim to deepen synergy effects among affiliates of Woori Financial Group while providing customers with a diverse and competitive range of global fund products," an official from the bank said.