Hanwha Life is strengthening its competitiveness as it moves toward becoming a comprehensive financial group by acquiring Accon Capital and Accon Savings Bank.
On the 30th, Hanwha Life announced that it has acquired control of Accon Capital from global private equity firm EQT. Through a joint investment with Centroid PE, Hanwha Life's post-acquisition shareholding ratio is 50.54%, and the acquisition amount is 440 billion won. Including Centroid PE, the total acquisition amount is 870 billion won. As Accon Capital holds 100% of the shares in Accon Savings Bank, Hanwha Life will secure both the capital company and the savings bank. Hanwha Life plans to finalize the acquisition of Accon Capital by completing relevant procedures after receiving approval from financial authorities.
With this acquisition, Hanwha Life has added specialized consumer finance to its portfolio, which already includes insurance, securities, and asset management. As it will now be able to provide financial services covering insurance, loans, and investments to both individual and corporate customers, the company is expected to accelerate the establishment of a comprehensive financial group structure.
Hanwha Life plans to secure new revenue sources differentiated from its insurance business through entry into the capital company sector, while strengthening its capabilities in corporate finance and investment banking. Founded in 2006, Accon Capital is a mid-sized capital company with total assets of 4.6 trillion won as of the first half of 2026. As an independent company not affiliated with a financial holding company or large conglomerate, it specializes in corporate finance, investment banking, and tangible asset finance.
Hanwha Life plans to leverage Accon Capital's capabilities in corporate finance and tangible asset finance by linking them with group businesses to secure additional growth drivers. The strategy involves expanding customer and sales networks and strengthening the tangible asset finance business through collaboration with non-financial affiliates to secure new revenue sources.
Accon Capital is expected to enhance its funding competitiveness based on improved creditworthiness following its inclusion under Hanwha Life. This could also enable securing additional growth potential, such as reducing funding costs and improving operating performance.
Founded in 1972, Accon Savings Bank is a major savings bank ranked among the top five in the industry, with total assets of 5.1 trillion won. It operates three financial centers centered on Seoul and Busan. Its main products consist primarily of loans for individuals, along with loans for small and medium-sized enterprises (SMEs) and self-employed individuals, and mortgage loans. The company has secured non-face-to-face sales competitiveness through a digital platform based on its own computer network and is expanding inclusive finance for low-income earners and SMEs.
Hanwha Life plans to combine the capabilities of its existing subsidiary, Hanwha Savings Bank, with those of Accon Savings Bank to build a savings bank group with total assets of approximately 6.5 trillion won, aiming to rise to fourth place in the industry. Its sales network will also expand from the existing Incheon and Gyeonggi regions to Seoul, Busan, Ulsan, and South Gyeongsang Province, covering both the metropolitan area and the Yeongnam region.
A Hanwha Life official stated, "This investment is a crucial turning point for leaping beyond insurance into a comprehensive financial group," adding, "Based on the value chain of Hanwha Finance, which encompasses insurance, securities, asset management, and consumer finance, we will provide customers with a broader range of financial services."
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