Hanwha Life Insurance Acquires Acuon Capital, Accelerating Its Push to Become a Comprehensive Financial Group

[Financial News] Hanwha Life Insurance is accelerating its push to become a comprehensive financial group by acquiring Acuon Capital. Its strategy is to diversify revenue sources and create synergies among its affiliated financial companies by expanding its lending and financial services business to include capital financing and savings banking, following its existing insurance, securities and asset management operations.
Hanwha Life Insurance said on the 30th that its board had approved the acquisition of management control of Acuon Capital, currently held by global private equity firm EQT. The deal will be carried out through a joint investment with Centroid PE, and Hanwha Life Insurance's post-acquisition stake will be 50.54%. The purchase price is 440 billion won.
Acuon Capital owns 100% of Acuon Savings Bank. Through the acquisition, Hanwha Life Insurance will secure both a capital finance company and a savings bank.
Founded in 2006, Acuon Capital is a mid-sized capital finance company specializing in corporate finance, investment finance and asset finance. It had total assets of 4.6 trillion won as of the first half of this year. Hanwha Life Insurance plans to link Acuon Capital's corporate and asset finance capabilities with the group's businesses, strengthening its corporate and investment finance competitiveness while securing new sources of revenue.
Acuon Capital is also expected to strengthen its funding competitiveness as its credit standing improves after joining the Hanwha Life Insurance group. Hanwha Life Insurance plans to use this foundation to reduce funding costs and expand the growth base of its capital finance business.
Acuon Savings Bank, a subsidiary of Acuon Capital, is also expected to support Hanwha Life Insurance's expansion into lending and financial services. Founded in 1972, Acuon Savings Bank had total assets of 5.1 trillion won as of the end of June this year. Its main businesses include personal loans, loans to small and medium-sized enterprises and individual business owners, and mortgage loans.
Hanwha Life Insurance plans to combine the capabilities of its existing Hanwha Savings Bank and Acuon Savings Bank to build a savings bank group with approximately 6.5 trillion won in total assets. The move would put it among the industry's top four savings banks and expand its existing business network, which is centered on Incheon and Gyeonggi, to Seoul, Busan, Ulsan and South Gyeongsang Province.
Hanwha Life Insurance plans to complete the relevant procedures after obtaining approval from financial authorities. A Hanwha Life Insurance official said, "We are giving concrete shape to a comprehensive financial group that encompasses the entire financial services sector, from insurance to securities, asset management and lending and financial services." The official added, "By maximizing synergies among our affiliates, we will secure new growth engines and provide customers with differentiated financial services."


[email protected] Hong Ye-ji Reporter