Mirae Asset opts out of sales bid for Hyundai Securities

Home > Business > Finance

print dictionary print

Mirae Asset opts out of sales bid for Hyundai Securities

Mirae 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.

More in Finance

[NEWS ANALYSIS] As foreigners rush back, market does an about-face

CU gets into the foreign exchange transaction business

Kospi hits another record high despite Covid spike

5-day winning streak ends as Kospi drops 0.62 percent

Debt is the latest hot product being pushed into the market

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now