Credit Suisse sets up Korean asset management group

The deal is a link-up between the Swiss financial giant and Korean bank Woori

Credit Suisse and Woori Financial Group are collaborating to create an asset management company in Korea. The joint venture will be called Woori Credit Suisse Asset Management when it goes live at the end of May.

Under the terms of the agreement, Credit Suisse takes a 30% stake worth KRW54 billion ($56.6 million) in Woori Asset Management, the Korean bank's asset management arm, to form the new firm. Credit Suisse will be represented on the joint venture's board.

Woori Asset Management was created

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