Hanwha Life is accelerating its establishment of a comprehensive financial group by acquiring Akyon Capital and participating in a capital increase for Hanwha Investment & Securities.
According to the financial sector on the 30th, Hanwha Life held a board meeting and approved the acquisition of management rights in Akyon Capital, which is owned by global private equity firm EQT. This decision comes about three months after Hanwha Life was selected as the preferred bidder at the end of June.
The acquisition will be conducted in partnership with Centroid PE, with Hanwha Life acquiring a 50.54% stake for 440 billion won.
Akyon Capital is a mid-sized capital company with total assets of 4.6 trillion won as of the first half of this year, specializing in corporate finance, investment finance, and physical finance. It also holds a 100% stake in Akyon Savings Bank, allowing Hanwha Life to secure both a capital company and a savings bank through this acquisition.
On the same day, Hanwha Life also approved its participation in a capital increase for Hanwha Investment & Securities. Hanwha Life and its wholly-owned subsidiary, Hanwha Asset Management, will each invest 250 billion won.
This capital increase aims to enhance Hanwha Investment & Securities' designation as a comprehensive financial investment firm, which is expected to strengthen corporate finance capabilities and expand synergies among affiliates.
Hanwha Life plans to build a savings bank group with total assets of approximately 6.5 trillion won by merging Hanwha Savings Bank and Akyon Savings Bank.
A Hanwha Life official stated, "This investment is a significant turning point for our leap into a comprehensive financial group beyond insurance. We aim to provide broader financial services to our customers based on the value chain of Hanwha Finance, which encompasses insurance, securities, asset management, and credit finance."
* This article has been translated by AI.
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