Woori Financial Group has Aju Capital as its subsidiary.
Woori Financial Group announced on the 10th that it has completed the process of acquiring a 74.04 percent stake in Aju Capital from Wellto City Investment, a private equity fund in Korea, and incorporated it as a subsidiary.
Earlier, Woori Finance Holdings signed a stock trading contract with Wellto City Investment on Oct. 26. On the 2nd, the Financial Services Commission approved the transfer of Ajou Savings Bank to a grandson company at its regular meeting.
As a result, Woori Financial Group will have 12 subsidiaries under its wing. In addition, Ajou Savings Bank, a wholly-owned subsidiary of Aju Capital, has been incorporated into its grandson company, which will have the effect of expanding two group companies related to consumer finance at once.
Based on its strength in auto financing, Aju Capital recorded 6.5 trillion won in total assets, 90.9 billion won in net profit and 12.6 percent in return for equity last year.
As Aju Capital is incorporated into Woori Financial Group, growth is expected to accelerate further by combining the group’s risk management capabilities with Woori Bank and other subsidiaries, as well as stabilizing financing and falling procurement interest rates.
“With the inclusion of Aju Capital and Aju Savings Bank, 안전놀이터 we will play a pivotal role in the group’s consumer finance in the future and provide more stable financial benefits, including loans to small and medium-sized vulnerable people, along with Woori Bank and other subsidiaries,” said Son Tae-seung, chairman of Woori Financial Group.