Woori Returns to Brokerage Sector Through Acquisition of Korea Foss Securities

Woori Financial Group plans to re-nter the brokerage industry by acquiring the digital brokerage firm Korea Foss Securities and merging it with its existing investment banking subsidiary, Woori Investment Bank.

This merger, scheduled for completion in the third quarter, marks Woori's return to stock trading after a decade. The combined entity will aim to position itself among the top ten brokerage firms in Korea within the next decade.

The merger will result in Woori Financial Group holding a 97.1 percent stake in the new entity, with plans to eventually buy out the remaining minority shareholders.

The integrated firm will leverage digital capabilities from Foss Securities to enhance its competitive edge in mobile brokerage and investment banking, focusing on expanding its digital and AI services without planning to expand its physical branch network.

This move is part of Woori's broader strategy to diversify its operations beyond traditional banking, with additional considerations for entering the insurance market by potentially acquiring Lotte Insurance.