South Korea's Hanwha Life to acquire majority stake in U.S.-based Velocity Clearing, allowing both companies to target global markets
Target(TGT) Prnewswire·2024-11-20 22:00Milestone transaction will mark the first time a Korean insurance company has acquired a controlling interest in a foreign brokerage firmSEOUL, South Korea and NEW YORK, Nov. 20, 2024 /PRNewswire/ -- Hanwha Life, South Korea's first life insurance company, today announced it has agreed on the 18th to acquire a 75% stake in the parent of Velocity Clearing, a U.S.-based global financial services firm. The Velocity Clearing management team will retain the remaining minority stake. With this acquisition, Hanwha ...