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Woori Financial Group has made an offer to buy Daol Investment. This is a strategic move as the company is aiming to expand its non-banking business portfolio through the deal.
For the possible acquisition of Daol Investment, Woori Financial Group may have to shell out more than KRW200 million or about $158.7 million, which is the estimated value of the deal. Then again, nothing has been confirmed yet, and the two companies have not yet signed papers that will legally bind them to any deal.
Still, Woori Financial and Daol Investment are expected to discuss the acquisition further. Through the talks, they will also be able to determine the exact sale price. As per The Korea Times, based on the initial terms of the deal, Daol Investment is set to sell a 52% stake in the company.
In case the Seoul-based banking company successfully takes over the investment firm that was first established in 1981, one of its major gains is the expansion and strengthening of its non-banking portfolio. It was said that the lack of a full-fledged non-banking business has long been pointed out as Woori Financial’s biggest weakness compared to its rivals in the industry.
The company has many financial businesses, but it does not have key non-banking units like insurance or securities divisions. Thus, this is the perfect time to acquire a company that will supplement what it lacks, and Daol Investment is the best choice.
"We need to strengthen our revenue streams by improving the market status of our key affiliates, particularly during this period of market uncertainties," Son Tae Seung, Woori Financial Group’s chairman, said. "Woori will speed up its penetration into the non-banking sector this year after having put off the plan last year due to market instability."
Meanwhile, Korea Joongang Daily reported that Woori Financial confirmed it submitted a letter of intent (LOI) to acquire a stake in Daol Investment but said there has been no progress since then. Despite this, the company is still looking forward to the success of its bid this year.
