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Report: Woori Financial's bid for Anbang asset manager units proceeds

Woori Financial Group Inc. has been selected as a preferred bidder for Chinese insurer Anbang Insurance Group Co. Ltd.'s two South Korean asset management units, The Chosun Ilbo reported, citing industry sources.

Anbang Insurance and lead manager JPMorgan Chase have picked Woori Financial as a preferred bidder for Tong Yang Asset Management Corp. and ABL Global Asset Management Co. Ltd.

Woori Financial's combined offering price for both companies is reported to be around 170 billion won. The acquisition of Tong Yang Asset Management and ABL Global Asset Management will increase the number of Woori Financial units to 25.

Meanwhile, Woori Financial will withdraw its bid for DGB Financial Group Co. Ltd. unit Hi Asset Management Co. Ltd., the report said.

As of March 21, US$1 was equivalent to 1,130.34 South Korean won.