Hanwha Life to acquire majority stake in Velocity Clearing
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Hanwha Life to acquire majority stake in Velocity Clearing 20 November 2024South Korea Reporter: Daniel Tison
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South Korea's Hanwha Life Insurance has agreed to acquire a 75 per cent stake in the parent of Velocity Clearing.
The US-based global financial services firm’s management team will retain the remaining minority stake.
Since its establishment in 1946, Hanwha Life has expanded into several overseas markets, including Vietnam and Indonesia.
With this acquisition, the financial group hopes to secure a foothold in the US financial sector, expanding access to opportunities to maximise the return on investment.
Seung Joo Yeo, CEO of Hanwha Life, says: “With Velocity Clearing's robust platform and expertise, this acquisition will serve as a springboard for enhancing the global capabilities of South Korea's insurance company.
“Together with the Velocity Clearing management team, we are well positioned to make a strong impact in the US and lay the foundation for sustainable, long-term growth."
At the same time, the acquisition will also allow the New York brokerage and global fintech company to continue its expansion into the Asian market.
"The Velocity Clearing team is well-positioned for continued meaningful global expansion of our institutional business, and we have made demonstrable progress in multiple geographies such as Europe, Asia, Latin America and the Middle East,” says Brian Schaeffer, president of Velocity Clearing.
“This partnership builds on our plans, allowing us to effectively address growing customer demand in new markets and positioning us for long-term success."
The transaction is subject to customary closing conditions, including the receipt of various US and South Korean regulatory approvals.
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