Daewoo Securities renamed to reflect merger

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Daewoo Securities renamed to reflect merger

Published: 12 Apr. 2016, 20:41

Daewoo Securities, which was acquired by Mirae Asset last year in a 2.32 trillion won ($2.03 billion) deal, has changed its corporate name to Mirae Asset Daewoo, the brokerage announced on Tuesday.

The firm will be called by the new name until the merger with Mirae Asset Securities is completed, which could be as late as October.

The firm has been called KDB Daewoo, as the largest shareholder was the state-run Korea Development Bank (KDB).

The name change came after Mirae Asset Securities, the new largest shareholder, completed paying acquisition costs on April 7.

The firm also appointed Min Kyung-jin as a new executive vice president to lead the integrated Mirae Asset Daewoo’s global businesses.

Min has been a trader at Korea Development Bank since 1985, specializing in international bonds and derivatives trading strategies, as well as the development of risk management strategies. He later served as the chief risk officer and vice president in global businesses at the state-run bank.

Mirae Asset Daewoo is the largest brokerage house in Korea by size, with 7.75 trillion won in equity capital.

BY KIM JI-YOON [kim.jiyoon@joongang.co.kr]