Meritz Financial Group Enters Fray to Acquire Woori Financial

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Monday, September 16th, 2013
SEOUL, KOREA- Meritz Financial Group will take part in the bidding war to take over Woori Financial. Meanwhile, homegrown private equity fund firm T-Stone Partners will join the fray to acquire the group's asset management arm Woori F&I.According to investment banking sources on September 15, Meritz Financial Group has selected Ernst & Young Han Young as the principal consultant for the deal.
 
An industry official said, "[If Meritz Financial Group succeeds in acquiring Woori Financial,] it will be able to create synergies in the consumer financial market, especially through its Meritz Fire & Marine and Meritz Securities."
 
With the new addition of Meritz, the existing contenders for Woori Financial, including KB Financial Group, KT, and Japan's Orix Group, will have to put up with a four-way competition. 
 
Separately, Woori F&I, the leader in non-performing loan securitization, is considered to be most valuable among the Woori group companies, as it has grown without relying on group affiliation. T-Stone Partners will face stiff competition with several bidders including a domestic financial group, a foreign investment bank, and private equity funds.
Hanwha onsure

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