(Photo= Yonhap news)

 

[Alpha Biz= Reporter Paul Lee] Woori Financial Group is entering the securities business through the merger of Woori Investment Bank and Korea Foss Securities.

On the 3rd, Woori Financial Holdings held a board meeting and resolved to merge its subsidiaries, Woori Investment Bank and Foss Securities, and incorporate the merged entity as a subsidiary.

Woori Investment Bank and Foss Securities also held board meetings on the same day and announced that they would sign a merger agreement, with Foss Securities remaining as the surviving entity. Both companies plan to obtain approval from the Financial Services Commission and other regulatory procedures, aiming to launch the merged securities firm and commence operations within the third quarter of this year.

With this move, Woori Financial Group is reentering the securities business after 10 years since selling the former Woori Investment Securities in June 2014.

Foss Securities currently operates as the largest online fund sales platform in Korea, selling over 3,700 fund products. It has secured a retail customer base of 280,000 individuals and manages customer funds totaling 6.5 trillion won.

 

 

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