South Korea’s major banking holding firm Woori Financial Group and Abu Dhabi sovereign wealth fund Mubadala Investment Company took the first step toward partnership as their subsidiaries signed a deal for joint efforts in discovering global investment opportunities.

Woori Venture Partners, the venture capital unit of the Korean conglomerate, and Mubadala Capital, the asset management subsidiary of Mubadala, signed a memorandum of understanding for their strategic cooperation in Abu Dhabi on Feb. 22.

Under the deal, the two firms plan to explore global joint investment opportunities for mutual benefit in various sectors.

To maintain a long-term partnership, they will establish a working committee to facilitate continuous cooperation and communication between the two sides.

Woori Venture Partners CEO Kim Chang-kyu expected that the MoU would serve as a stepping stone that will lead to cooperative relationships between the two parent companies in the future.

“Establishing a cooperative relationship with Mubadala Capital, which has an extensive global investment network, will be of great help to Woori Venture Partners’ future growth,” he said.

Hani Barhoush, chief executive and managing director of Mubadala Capital said that maintaining “long-term partnerships” is the core of the firm’s operations strategy. "We are keen to explore the synergies that exist between our two companies.”

The deal comes as Woori Financial Group is seeking to secure future growth engines by strengthening its non-banking portfolio.

In 2022, Mubadala Capital, which manages $22 billion of assets, launched a capital solution platform that offers customized investment solutions primarily for institutional investors and family offices, with a global focus across various asset classes.

Woori Financial Group fully acquired Daol Investment and renamed it Woori Ventures Partners last year. The venture capital firm invested in over 2,000 companies, of which over 300 have been listed on the stock market.