Hanwha Life Insurance has expanded its financial services portfolio by acquiring Acuon Capital for KRW440bn ($325.4m).
The life insurer will take 50.54% stake in the finance company, while a fund managed or established by Centroid Investment Partners will buy a further 49.39% stake.
Acuon Capital is the largest shareholder of Acuon Savings Bank, holding 100% of its shares. Through the acquisition, Hanwha Life will secure both Acuon Capital and its subsidiary, Acuon Savings Bank.
With this acquisition, Hanwha Life will establish a balanced business portfolio encompassing insurance, securities, asset management and specialized credit finance. By providing both individual and corporate customers with comprehensive financial services spanning insurance, lending and investment, Hanwha Life is expected to accelerate its transformation into a comprehensive financial group.
Through its entry into the capital finance business, Hanwha Life plans to secure new sources of revenue distinct from its core insurance business while strengthening its capabilities in corporate finance and investment finance. Leveraging the broad scope of the capital finance business, the company aims to further expand the foundation for growth across Hanwha Finance.
Hanwha Life plans to leverage Acuon Capital’s expertise in corporate and asset-based finance across the group to create new growth opportunities. The company aims to expand its customer and sales networks while strengthening asset-based finance through collaboration with Hanwha’s non-financial affiliates, creating new sources of revenue.