Chairman Sohn Tae-seung of Woori Financial Group announces the 40-40-40 Vision of the group’s management strategy at a meeting of the group’s CEOs held at Grand Hilton Convention Center in Seoul on July 19. (Photo: WFG)

“We will boost the non-interest and overseas earnings to reach 40 percent of total net profit of the group kicking off our efforts in that direction from the second half this year,” the chairman continued, upholding the 40-40-40 vision of the group’s management strategy at a meeting of the group’s affiliate CEOs held at Grand Hilton Convention Center in Seoul on July 19.

In front some 380 manager-level officers gathered at the meeting, he said all the members of the affiliates should work hard to achieve the results by the end of this year.

Woori Financial Group has agreed to acquire local real estate management company Kukje Asset Trust, a deal to help the country’s leading financial holding firm to intensify its position in the diversified financial market.

Woori Financial Group announced on July 22 that its board of directors approved a plan to take over a controlling 65.7 percent stake including management right in Kukje Asset Trust. The company will soon sign a stock purchase agreement with Kukje Asset Trust Chairman Yoo Jae-eun to buy a 44.47 percent stake initially and the remainder three years later.

In order to meet the rule that requires a holding company to own more than 50 percent stake in its subsidiaries, it will also purchase a 6.54 percent stake in Kukje from Woori Bank.

The latest acquisition was aimed at expanding its non-banking sector through lucrative M&A deals. It bought Tongyang Asset Management and ABL Global Asset Management in April.

Last month, its flagship lender Woori Bank also acquired stakes in Lotte Card by forming a consortium with local private equity fund MBK Partners.

Kukje Asset Trust, which began as a real estate trust business in 2007, has been showing strong performance in land and security trusts.

It held 23.6 trillion won ($20.4 billion) in assets under management as of last year and recorded 31.5 billion won in net profit and an annual return on equity of 47 percent.

The latest acquisition was aimed at expanding its non-banking sector through lucrative M&A deals.

It bought Tongyang Asset Management and ABL Global Asset Management in April. Last month, its flagship lender Woori Bank also acquired stakes in Lotte Card by forming a consortium with local private equity fund MBK Partners.

Kukje Asset Trust that began real estate trust business in 2007 has been showing strong performance in land and security trusts. It held 23.6 trillion won ($20.4 billion) in assets under management as of last year and recorded 31.5 billion won in net profit and an annual return on equity (ROE) of 47 percent.