However, Bank of America in a statement said that the bank is committed to Korea and will now focus on growing its institutional and corporate businesses in the country.
Merrill Lynch’s Seoul private banking operation, which employed around 10 bankers, manages around KRW1 trillion in total.
In an e-mailed statement, Woori Investment said it has acquired Merrill Lynch’s Global Wealth Management operations to strengthen its business for high-income clients.
A Woori spokesman declined to comment on the acquisition price, citing an agreement for confidentiality on the matter with Bank of America.
Woori Investment currently employs about 40 private bankers and manages a combined 1 trillion won worth of assets from roughly 700 high net worth individuals.
