Woori Financial Group has set out to acquire Hi Asset Management, marking the first step in its stated moves to expand its nonbanking business through strategic mergers and acquisitions and strengthen its holding company structure.

Woori Financial was among those that joined the preliminary bidding process for Hi Asset Management on Monday, alongside Kiwoom Securities and a number of private equity funds from Korea and abroad, according to an industry report.

Hi Asset Management, a subsidiary of Hi Investment & Securities, is currently owned by DGB Financial Group. Prior to being acquired by DGB, Hi Asset Management was owned by Hyundai Heavy Industries, where it led shipping and logistics investments.

DGB Financial Group plans to evaluate and select preferred bidders this month and begin the formal bidding process by as early as next month.

Woori Bank officially took on a holding company structure in January. It has pledged to pursue M&As in the nonbanking sector with an initial focus on asset management, real estate investment trusts and savings banks.

By Sohn Ji-young (jys@heraldcorp.com)