Woori Financial Group announced on Feb. 27 that it signed a stock purchase agreement (SPA) to acquire a 52 percent stake in DAOL Investment.
Woori Financial Group plans to complete the transaction at DAOL Investment’s regular shareholders' meeting to on March 23 and incorporate it as its 15th subsidiary.
DAOL Investment is a leading company whose predecessor is KTB Network, one of Korea's first-generation venture capital firms, and is one of the five largest venture capital companies in the Korean venture capital industry.
It had funds worth approximately 1.4 trillion won under management at the end of 2022.
In particular, industry analysts say the contract was signed for a reasonable price considering the increase in value through synergies between the two companies that will occur when deal is complete.
With this acquisition, Woori Financial Group has strengthened its non-banking portfolio, taking a step forward as a general financial group.
In particular, it plans to take charge of one axis of Korea’s corporate finance value chain that helps the growth of venture startups through investment in innovative companies.
“Human resources management holds the key to post-merger integration (PMI) due to the nature of venture capital firms where human resources matter most,” a Woori Financial Group official said.
“We will guarantee DAOL Investment’s current systems such as management, organization operation, investment decision-making, and performance compensation as much as possible and minimize the number of dispatched personnel so that autonomous management will be implemented at DAOL Investment.”
“We will respect DAOL Investment employees’ opinions regarding its name change after the acquisition,” the official said.
“We plan to actively support DAOL Investment with the goal of creating synergies with Woori Bank and Woori PE Asset Management and claiming the top spot in the Korean venture capital industry within five years.”
Winning Prize at 2023 Korea Green Climate Awards
Woori Financial Group announced on Feb. 24 that it took home the Political Affairs Committee Chairman's Prize at the 2023 Korea Green Climate Awards organized by the National Assembly Climate Change Forum at the National Assembly Hall in Yeouido, Seoul.
The Korea Green Climate Awards marks its 13th anniversary this year. It is the first general climate change award in Korea, established in 2010 by the National Assembly Climate Change Forum to praise organizations or individuals who have made significant contributions to the nationwide climate change response and sustainable carbon-neutral society and to spread best practices.
Woori Financial Group received high evaluations by achieving carbon neutrality by 2050 and providing 100 trillion won in ESG support funds by 2030, operating a group environmental management system, establishing a climate risk management system, and expanding support for green finance.
Providing Emergency Support to Earthquake-Hit Areas in Turkey
Woori Financial Group’s Woori Financial Future Foundation announced on Feb. 26 that it provided 200,000 hot packs for those suffering from massive earthquakes that occurred in Turkey on Feb. 24.
The support follows Woori Financial Group’s donation of US$300,000 to support the victims of the earthquakes through the Korea NGO Council for Overseas Development Cooperation (KCOC) on Feb. 8, considering an urgent need for winterization supplies in the region.
After the initial earthquake, a powerful aftershock with a magnitude of 6.3 occurred, and the victims of the earthquake continue to suffer from the effects of the earthquakes.
The Turkish Embassy in Korea requested winterization supplies for the victims of the earthquakes through its official SNS channel.
In response, the Woori Financial Future Foundation quickly sent 200,000 hot packs which are easy to carry to relief organizations to help the victims.
“We hope that this emergency support will help the victims of the earthquake,” said an official of the Woori Financial Future Foundation.
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