The newly established securities firm Woori Investment & Securities has been able to venture into corporate finance (IB) business such as initial public offerings (IPOs) and derivatives transactions.
The Financial Services Commission noted on the 19th that it reviewed and approved Woori Investment & Securities' application for a change in investment trading business (including securities and underwriting).
Woori Investment & Securities is a new securities firm that was established when Korea Post Securities merged with Woori Comprehensive Financial Services in July last year and became a wholly owned subsidiary of Woori Financial Group. At its inception, Woori Investment & Securities was in a situation where it had received additional registration for investment brokerage (securities) and a license for short-term finance, along with preliminary approval for changes to investment trading.
Woori Investment & Securities submitted an application for full approval for its investment trading business to the Financial Services Commission earlier this year and passed through the regulatory threshold in about two months, laying the groundwork as a comprehensive securities firm. It is expected to respond to various funding demands of corporations in the future.
Regulatory authorities indicated that they plan to receive annual reports on whether Woori Investment & Securities has fulfilled the business plans and additional conditions submitted at the time of the merger last year and to periodically check the appropriateness of the fulfillment status.
Woori Investment & Securities must report annually to regulators on the fulfillment of its business plans, including the issuance limit of negotiable certificates, the corporate lending limit, the gradual reduction of comprehensive financial business, and the expansion of its securities business. The period during which it can operate as a comprehensive financial company is 10 years from the date of the merger registration.