Woori Investment & Securities, CICC team up for China biz

SEOUL, May 30 (Yonhap) -- Woori Investment & Securities Co., the country's third-largest brokerage by market cap, said Monday it signed an agreement with China's top investment bank in a bid to develop business opportunities in Asia's largest economy. Under the deal, Woori Investment & Securities and China International Capital Corp. (CICC) will cooperate on their investment banking business to underwrite new mergers and acquisitions and initial public offering (IPO) deals. The two companies also plan to join hands in market research and bond product marketing, according to Woori Investment & Securities. The tie-up comes as Woori Investment & Securities aims to strengthen its footing in China. In January, the brokerage established a Chinese unit that covers market research and investment advisory. Woori Investment & Securities is the brokerage arm of state-run financial group Woori Finance Holdings Co, the second-largest financial services company in South Korea. CICC is China's leading investment bank, which was jointly founded by China Construction Bank Corp. and U.S. investment banking giant Morgan Stanley. It has taken part in IPO deals of major Chinese companies such as PetroChina Co.