South Korea’s Hanwha Life to acquire majority stake in U.S.-based Velocity Clearing, allowing both companies to target global markets | PR Newswire [Video]

Milestone transaction will mark the first time a Korean insurance company has acquired a controlling interest in a foreign brokerage firm

, /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 Life will secure a foothold in the U.S. financial sector, expanding access to excellent opportunities to maximize the return on investment.

A leading Korean life insurance company, Hanwha Life has been at the forefront of developing both the insurance industry and South Korea’s economic growth for 78 years. As part of that growth, the financial group has expanded into several overseas markets, including Vietnam and Indonesia, with its latest market being the U.S.

“As we look to expand into the U.S. market, we wanted to partner …