South Korea’s Woori Bank Co. has partnered with UK-based global asset manager Aberdeen Standard Investments to scale up its asset management business with an aim to obtain sustainable growth engine.

Woori Bank said on Wednesday it has signed a memorandum of understanding with the British asset manager to develop various investment products and co-share business strategies. The two firms will jointly develop products tailored for private banking customers, corporations and regularly share strategies for investment and asset allocation to construct better portfolios.

Founded in 1983, Aberdeen Standard Investments is the largest asset manager in the UK whose fund assets under management are estimated at around 829 trillion won ($779 billion). It has outposts in 24 cities of 80 countries.

“We’ll keep up efforts to provide better asset management service for our investors in partnership with leading global asset managers,” said an official at Woori Bank.

Currently, Woori Bank manages 281 overseas networks in 25 countries, the largest in Korea.

By Lee Seung-yoon and Lee Ha-yeon

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