Hanwha Life acquires 75% stake in US firm Velocity Clearing

It aims to establish a foothold in the US financial sector.

Hanwha Life, South Korea’s first life insurance company, has agreed to acquire a 75% stake in the parent company of Velocity Clearing, a US-based global financial services firm. 

The management team of Velocity Clearing will retain the remaining minority stake. 

The acquisition positions Hanwha Life to establish a foothold in the US financial sector and explore new opportunities for enhancing investment returns.

Hanwha Life plans to retain Velocity Clearing's existing staff.