Woori Bank's head of corporate investment banking Ki Dong-ho, Nuveen's head of Korea institutional investors Chang Jae-ho and Woori Asset Management CEO Choi Seung-jae hold a memorandum of understanding (MOU) document at Woori Bank's headquarters in Seoul on Friday. Courtesy of Woori Bank
Anna J. Park
Woori Bank and Woori Asset Management have formed a strategic partnership with global asset management firm Nuveen to strengthen their competitiveness in global investment banking, the bank said on Sunday.
Nuveen is the global asset management subsidiary of Teachers Insurance and Annuity Association, one of the world's largest institutional investors. The 125-year-old company provides investment solutions to more than 1,300 institutions, including major pension funds in 32 countries. Nuveen manages approximately $1.2 trillion in assets.
Under the agreement, Woori Bank will jointly explore global investment banking opportunities in global financial sectors, including acquisition financing, infrastructure and real estate loans.
Woori Asset Management will work with Nuveen to strengthen its product lineup by introducing new products, including retirement pension products, retail funds for real estate investment, and overseas indirect investment funds for domestic institutional investors.
Nuveen plans to strengthen its presence in the Korean market through its partnership with Woori Bank and Woori Asset Management.
A bank official said, “Woori Bank expects that the strategic partnership with Nuveen, a major global asset management company, will expand its investment banking capabilities. Through this agreement, we aim to increase synergy between Woori Financial Group's affiliated companies and provide clients with diversified and competitive global fund products.”
