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Woori Financial closes acquisition of asset manager

South Korea's Woori Financial Group Inc. on Aug. 1 completed the acquisition of Tong Yang Asset Management Corp. and changed its name to Woori Asset Management Corp.

Following the acquisition, Woori Financial now has seven direct subsidiaries, according to a 6-K filing.

In April, Woori Financial signed an agreement to acquire Tong Yang Asset Management and ABL Global Asset Management Co. Ltd. from China's Anbang Insurance Group Co. Ltd. The group obtained approval from South Korea's Financial Services Commission for the transactions in July.