Meritz Financial makes bid to buy Woori Financial

Wants to create synergies in consumer financial market.

Seoul-based Meritz Financial Group will take part in the bidding to take over Woori Financial Group, South Korea’s largest bank. Sources said Meritz Financial Group selected Ernst & Young Han Young as the principal consultant for the deal.

Analysts said that if Meritz Financial succeeds in acquiring Woori Financial, it will be able to create synergies in the consumer financial market, especially through Meritz Fire & Marine and Meritz Securities.

Other contenders for Woori Financial are KB Financial Group, KT, and Japan's Orix Group.

Through its subsidiaries, Meritz Financial Group provides various financial services in South Korea such as fire and marine, automobile, and general insurance, as well as financing and asset management; and securities and OTC derivatives investment/brokerage and trading, trust, and investment consulting and discretionary investment services.