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Mirae Asset chief to spearhead consolidation with newly bought brokerage

All News 12:03 April 04, 2016

SEOUL, April 4 (Yonhap) -- The chief of Mirae Asset Financial Group, one of South Korea's leading asset management companies, will assume the chairman position of KDB Daewoo Securities Co. to assure its smooth consolidation with its own brokerage business, group officials said Monday.

Mirae Asset Securities Co. earlier signed a deal with the state-run Korea Development Bank to take a 43 percent stake in the country's second-largest brokerage along with KDB Daewoo Management Co. in a package deal for a combined 2.45 trillion won (US$2.14 billion).

The deal, if finalized, would create the country's largest brokerage firm. The consolidated company is tentatively named Mirae Asset Daewoo Securities.

"Chairman Park Hyeon-joo plans to take up the chairman post to make sure its organizational stability and the successful launch of the merged entity," an official said.

Park will, instead, step down as the head of Mirae Asset Global Investments, an asset management unit of the group.

The financial group reportedly has set its internal target to finalize its business consolidation with KDB Daewoo Securities by Oct. 1, as it requires some procedures, including shareholder approval.

The chairman will likely start his work as the head of KDB Daewoo this week when the group is to pay the rest of the money for the corporate takeover, company officials said.


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