Credit Suisse has ended its joint asset management venture with Woori Financial Group and will transfer its 30 per cent stake in the business back to the South Korean firm.

The Swiss bank paid $56 million for the stake in Woori Credit Suisse Asset Management in 2006.

The business is currently solidly profitable and has continued to improve its operating performance despite challenging markets, Credit Suisse said in a statement.

Credit Suisse remains committed to its other asset management interest in Korea, the statement continued.