Woori Bank Signs MOU for Converged Financial Services with Korea Investment & Securities

On the 23rd, Woori Bank signed a business agreement with Korea Investment & Securities through an ontact method in video conference rooms prepared by each company due to COVID-19, to provide converged financial services. Kwon Kwang-seok (right), President of Woori Bank, and Jung Il-moon, CEO of Korea Investment & Securities, are taking a commemorative photo.

[Asia Economy Reporter Kim Hyo-jin] Woori Bank announced on the 24th that it has signed a "Business Agreement for Providing Converged Financial Services" with Korea Investment & Securities.

The signing ceremony was held in a non-face-to-face manner through electronic signatures, with Woori Bank President Kwon Kwang-seok and Korea Investment & Securities CEO Jung Il-moon participating from video conference rooms prepared by each company due to the novel coronavirus disease (COVID-19).

Through this agreement, both companies agreed to establish a collaborative system to create synergy in three areas: ▲strengthening asset management capabilities ▲enhancing marketing cooperation ▲expanding transactions.

They will share economic and financial research materials to provide high-quality information to customers, and plan to exchange and cooperate with each other's excellent human resources in the fields of business succession, mergers and acquisitions (M&A), and real estate to offer premium financial services to PB clients.

When corporations transacting with Woori Bank pursue an initial public offering (IPO), they will actively cooperate with Korea Investment & Securities in jointly selecting lead underwriters and proceeding with the IPO. Additionally, marketing collaboration will be strengthened by connecting securities customers who need loan support to the bank’s corporate finance officers. Furthermore, transactions in foreign exchange and trading between the two companies will also be expanded.

Meanwhile, starting with a joint online asset management seminar for customers of both companies in January next year, they plan to accelerate practical cooperation.

President Kwon said, “This agreement will be a great support for Woori Bank, which does not have an affiliated securities company,” and added, “Through the converged partnership of the two companies representing Korean finance, we will provide differentiated financial services and enhance customer satisfaction.”

This content was produced with the assistance of AI translation services.