S.Korea’s Woori to team up with US Nuveen to enhance IB part

Woori Bank and Woori Asset Management, subsidiaries of South Korea's Woori Financial Group, announced on Sunday that they signed a memorandum of understanding (MOU) for a strategic partnership with Nuveen, the asset management subsidiary of the Teachers Insurance and Annuity Association of America-College Retirement Equities Fund (TIAA), on June 14.

Nuveen is a global asset management firm managing $1.2 trillion (1,666 trillion won) in assets, with clients including 1,300 institutions and major pension funds across 32 countries.

Woori Bank plans to bolster its competitiveness in investment banking (IB) by jointly identifying global acquisition financing, infrastructure, and real estate loan investment opportunities with Nuveen.

Woori Asset Management will collaborate with Nuveen to expand its product lineup and launch new businesses, including retirement pension-related products, retail funds investing in global companies and real estate, and overseas investment fund of funds exclusively for domestic institutions.

Write to Eui-Jin Jeong at [email protected]