Prudential Financial to Acquire Majority Ownership In CJ Investment & Securities.Business Editors SEOUL, South Korea--(BUSINESS WIRE)--Dec. 15, 2003 Prudential Financial, Inc. (NYSE NYSE See: New York Stock Exchange :PRU PRU Prudential Financial PRU Pupil Referral Unit PRU Photographic Reconnaissance Unit PRU Potomac Rugby Union (Washington, DC) PRU Provincial Reconnaissance Unit PRU Projets de Rénovation Urbaine PRU Pruhonice ) and CJ Investment & Securities Co., Ltd. (CJIS CJIS Criminal Justice Information System CJIS Criminal Justice Information Services Division (FBI) ) announced today that they have signed a memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. (MOU) regarding terms that will allow Prudential to convert its existing investment into a majority stake in CJIS and its subsidiary company, CJ Investment Trust Management Co., Ltd (CJIM). Upon closing, Prudential would assume operational control of the companies. "We are pleased to have reached this important milestone with Prudential. I am confident that through our alliance with Prudential, we will be able to provide a higher quality of service and products to our customers," said Sung Ho Hwang, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CJIS. Prudential Financial is also in discussions with the International Finance Corporation (IFC (Internet Foundation Classes) A class library from Netscape that provides an application framework and graphical user interface (GUI) routines for Java programmers. IFC was later made part of the Java Foundation Classes (JFC). See JFC, AFC and AWT. See also ICF. ) with respect to the IFC's investment in CJIS. At the time of Prudential Financial's original investment in CJIS, which was 110 billion won (approximately US$90 million) in March 2001, IFC invested 40 billion won (approximately $33 million) in the company. "With a strong investment presence, to complement our already successful insurance operations, we will be firmly positioned to fulfill Prudential's strategic vision of helping individuals and institutions to grow and protect their wealth," said Stephen Pelletier, CEO and chairman of Prudential International Investments. In addition to today's MOU, Prudential Financial recently announced it had signed a definitive agreement to acquire a majority stake in Hyundai Investment and Securities Co., Ltd. (HITC HITC Hughes Information Technology Corporation HITC Half-Inch Tape Cartridge ) and its subsidiary, Hyundai Investment Trust Management Co., Ltd. (HIMC). This agreement positions Prudential to become the largest foreign-owned asset manager in terms of assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. (AUM Aum (ä·ōōmˑ), n.pr 1. in Ayurveda, the subtle, noiseless cosmic vibration in which consciousness existed in the beginning, before the elements appeared. ) according to data released by the Korea Investment Trust Companies Association as of November 30, 2003. Prudential has an insurance presence in Korea through The Prudential Life Insurance Company of Korea, Ltd. Prudential Financial entered the Korean insurance market 13 years ago and has been commonly recognized as one of the most successful foreign-owned insurance companies in Korea. As of November 30, 2003, CJIM was the sixth largest investment management company in Korea with 7.8 trillion won (US$ 6.8 billion) in AUM and approximately 5.6 percent market share. CJIM distributes its products primarily through CJIS as well as other third party distributors. CJIS has approximately 518 employees in its sales force and distributes proprietary and non-proprietary products through a nationwide network of 45 branches. Prudential Financial companies, with approximately $421 billion in total assets under management as of September 30, 2003, serve individual and institutional customers worldwide and include The Prudential Insurance Company of America, one of the largest life insurance companies in the U.S. These companies offer a variety of products and services, including life insurance, property and casualty insurance, mutual funds, annuities, pension and retirement related services and administration, asset management, securities brokerage, banking and trust services, real estate brokerage franchises and relocation services. For more information, visit www.prudential.com. |
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