Mirae Asset opts out of sales bid for Hyundai SecuritiesMirae Asset Securities has decided not to participate in the sales bid for Hyundai Securities, the brokerage announced on Wednesday.
The firm said it made the decision because it already has a large enough share of the domestic securities market. The firm was considering joining the Hyundai bid by forming a consortium with a private equity firm under LIG Group called LK Investment Partners. But the news shook up the local brokerage industry, as other brokerages expressed concerns that Mirae’s acquisition of Hyundai Securities would give it too much power in the local market.
Mirae already acquired Daewoo Securities last year, beating out KB Investment and Korea Investment & Securities, to become the industry’s largest player with equity capital of nearly 7.8 trillion won.