중앙데일리

Brokerages plan to grow overseas

Jan 03,2008
Globalization is the year’s keyword for Korean brokerages.
Local securities companies, coming off strong growth domestically last year, said yesterday they are planning to become even bigger by expanding business overseas. The brokerage firms raked in high profits last year thanks to growing interest among Koreans in investments besides bank deposits.
Mirae Asset Securities, a leading brokerage, plans to establish regional subsidiaries in England and India this year as part of a project to build a global financial network linking Asia to Europe, according to a Mirae public relations official, who asked to remain anonymous.
“We expanded into three countries last year. At this pace, I think it’s possible for us to build subsidiaries in two more countries this year,” the official said. Last year, Mirae set up subsidiaries in Hong Kong, China and Vietnam in January, July and December, respectively.
The official said if possible, Mirae will also establish a corporation in the United States within the year.
Overseas business expansion is a top priority in the company’s survival strategies, he said.
“Mirae’s motto is exporting capital through finance. We see the local market as too small and the earlier we move outside it, the more chances we will get,” he said.
Other brokerages also announced new foreign business plans in the year-opening addresses of their presidents.
Ryu Sang-ho, CEO of Korea Investment and Securities, said in a written New Year remark to his employees that 2008 will be a year to mark the company’s true globalization. He said the company will begin expansion by establishing a joint brokerage firm in Vietnam with a Vietnamese company.
Kim Joong-woong, CEO of Hyundai Securities, said in a written address that Hyundai will expand its presence into at least 10 countries by 2010. Hyundai built its first overseas regional office in Kazakhstan last year.
Other brokerages such as Woori Investment and Securities, Tongyang Investment and Securities, SK Securities, Goodmorning Shinhan Securities and Daishin Securities also revealed plans to set up branches in China, Indonesia, Malaysia and India.
Samsung Securities, another leading brokerage, has focused on selling shares of local companies listed in Korean stock markets, but it said yesterday it will expand the sale of shares of Korean companies listed in overseas stock markets this year.


By Moon Gwang-lip Staff Reporter [joe@joongang.co.kr]


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