This article was displayed on the ChosunBiz MoneyMove (MM) site at 2:55 p.m. on Mar. 3, 2026.
Two years ago, a name that had long been forgotten in Korea's capital market resurfaced in Yeouido's securities circle. It was Woori Investment & Securities, which disappeared after merging with NH Investment & Securities in 2015.
Woori Financial Group sold the then-No. 2 large firm to NH Nonghyup Financial Group in 2014 and went nine years without a securities company, and only in 2024 did it merge Woori Investment Bank and Korea P.O.S. Securities to hang the "Woori Investment & Securities" sign again.
Woori Investment & Securities has grown rapidly, delivering results in a short time after its launch. Growth is especially steep in the investment banking (IB) area. Less than a year after receiving its full license for proprietary trading, it completed 32 public corporate bond underwritings and 15 acquisition financings. The feat is drawing attention because the once top-ranked name made a fresh start as a small house.
Recently at Woori Investment & Securities' headquarters in Yeouido, Seoul, we met Park Hyun-ju, head of the capital markets (CM) division (executive director), to hear about first-year results and expansion strategy ahead.
—Despite being a newcomer, many say the firm got on track quickly.
"As a securities unit under a financial holding company, synergy among affiliates played a big role. After Woori Investment & Securities received its full license in Mar. last year, we began full-fledged activities in the capital market, focusing intensely on two areas: public corporate bonds and acquisition financing.
For public corporate bonds, Woori Bank's dedicated corporate banking RM organization was solid, which greatly helped us build relationships with large corporations. In addition, existing investment finance staff and CM Division 1 and 2 Director Generals, along with other professionals, aggressively pursued business to get our name out in the market quickly, which proved effective."
—Specifically, what results did you achieve last year?
"For public corporate bonds, we joined the syndicate for a total of 32 deals, and among them, we served as lead manager for two—Tongyeong Eco Power and Korean Air Lines. The underwriting amount for the 32 deals was about 533.0 billion won, placing us around 18th to 20th among securities firms. Considering we had virtually no results in 2024, we believe we grew significantly in a short period. In January this year as well, we participated in multiple public corporate bond underwritings for large corporations including E-MART, Hanwha Aerospace, Lotte Wellfood, Hyundai Steel, LG Uplus, Daesang, and LX Hausys."
—Your performance in acquisition financing also stood out.
"In acquisition financing, we took part in 15 deals, totaling 750.0 billion won. A CM unit with personnel from other securities firms and a separate team formed by five people who moved from Woori Bank worked together, creating synergy with Woori Bank's IB Group.
"Representative acquisition financing we arranged last year includes deals with Woori Bank for SK Narae and Yeoju Energy Service, Hanwha Group's acquisition financing for OURHOME, Woongjin group's acquisition financing for Preed Life, and Burger King refinancing. The refinancing for SuperStroke, the world's No. 1 putter grip brand, at a $100 million scale, was arranged solely by us. Even as a relatively small house, we achieved good results in terms of profitability."
—How was the equity capital markets (ECM) area?
"On the ECM side, to support Sono International's fundraising, we proposed a private exchangeable bond (EB) structure and arranged a 212.0 billion won issuance. Based on that relationship, in the second half of last year we also arranged 100.0 billion won in private bonds for Sono. Last year, we fully underwrote and resold about 12 such private bond deals. In amount, that exceeded 600.0 billion won."
—You also created a dedicated initial public offering (IPO) unit and are ready. What is the current status and your goals?
"As of Aug. 1 last year, we recruited five key IPO professionals, including a department head, from another securities firm. Also, since the third quarter of last year, we have been building systems; our public offering subscription system is now complete, and the institutional bookbuilding system is in the final stage. We signed seven lead-manager mandates last year and two early this year, and executed three pre-IPO investments.
"For a new house with a limited track record, it is important to showcase public offering capabilities through a special purpose acquisition company (SPAC). Meritz Securities also rolled out its first SPAC in a while last year. We plan to pursue a listing of our first SPAC by the second to third quarter at the latest to demonstrate our IPO capabilities to the market. By late this year or from the first half of next year, we also plan to proceed with listings for general companies with which we have signed lead-manager contracts."
—Any difficulties you faced while running deals last year, or any episodes that were particularly memorable?
"In the second quarter last year, it was very difficult just to get into corporate bond underwriting groups. Corporate practitioners said, 'With absolutely no past track record, internal reporting and approval are tough,' and found it difficult. But after we joined a few syndicates and fulfilled our role, things became much easier in the second half.
"A single memorable deal was SuperStroke's $100 million refinancing. Because it was a dollar-denominated deal and came early in our company's history, it must have been a big risk for Daol Private Equity (PE) to entrust it to us. Fortunately, Woori Bank participated to some extent as an arranger, and two other banks joined, allowing us to complete the deal successfully."
—Large securities firms are increasing the share of principal investments. What is Woori Investment & Securities' investment direction ahead?
"Our capital is still around 1.2 trillion won, so we had to operate mostly with a selldown focus. But this year is different. To support productive finance, Woori Asset Management plans to raise 1.0 trillion won over five years by securing 200.0 billion won annually and create a 'group co-investment fund,' which we intend to use actively. In cooperation with affiliates such as Woori Bank's structured finance department, we plan to securitize credit assets or aggressively pursue venture capital investments such as price return swaps (PRS) and re-securitization of existing bonds."
—Tell us about your division's status and your blueprint for the second year.
"The CM division currently has 18 members, including the head of division. We plan to make further hires mainly with experienced professionals. Following the ECM teams and the IPO team, we established the 'CM Solutions Department' early this year to handle syndication and sales, rounding out our lineup. Many staff joined from large firms; in a young and dynamic atmosphere, their drive is tremendous.
"This year we have been given an aggressive goal of achieving double-digit growth versus last year. As capital increase possibilities are being discussed, expectations at the holding company level are high. If last year was a time of internal build-out—such as IT network construction—to take shape as a full-service securities firm, this year we will greatly expand the size of our underwriting book and push more aggressively on the sales front to make our presence clearly felt."