Woori Bank and MBK Partners agreed to acquire Lotte Card, a Korean credit card company, from Lotte Group, for $1.2bn. In a filing with the Korea Stock Exchange, Lotte said that MBK Partners would pick 79.83% equity interest in the business and have the right to transfer up to 20% to Woori Bank, the nation’s fourth-largest commercial lender. MBK Partners plans to streamline its newly acquired credit card business in South Korea to bolster profitability against a tougher industry backdrop.