Daewoo Securities sale in flux as sales continue to struggleThe possibility that Daewoo Securities may be sold off within the year has become uncertain with its sales still struggling.
The Korea Development Bank (KDB) recently expressed its intention to sell its brokerage unit, Daewoo Securities, within the year to the Financial Services Commission (FSC). KDB was initially targeting finishing up the sale of Hyundai Securities by May and then working on selling Daewoo Securities.
However, the primary negotiator - a consortium with Orix Private Equity Korea Corp. and Jabez Partners - has asked KDB to extend the signing of the stock purchase agreement (SPA) for another month on Hyundai Securities, making it unlikely that Daewoo Securities will sell this year.
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