Ink dries on KB Financial’s buy of stake in Hyundai Securities
Published: 01 Jun. 2016, 20:57
KB Financial Group completed acquisition of its stake in Hyundai Securities by finishing up payments on Tuesday and obtaining approval from the financial regulator a week earlier, the company said on Wednesday.
The acquisition comes two months after Hyundai Group named KB as the preferred bidder for a controlling stake. Hyundai Securities became KB’s 13th affiliate.
The acquisition helps the group expand its business capabilities and profits in non-banking businesses, particularly wealth management and corporate investment banking.
On Wednesday, KB also launched a committee to integrate Hyundai Securities and its existing brokerage arm KB Investment & Securities. The committee will be led by KB Financial Group President Kim Ok-chan, Hyundai Securities CEO Yoon Kyung-eun and KB Investment & Securities CEO Jeon Byeong-jo.
The acquisition comes two months after Hyundai Group named KB as the preferred bidder for a controlling stake. Hyundai Securities became KB’s 13th affiliate.
The acquisition helps the group expand its business capabilities and profits in non-banking businesses, particularly wealth management and corporate investment banking.
On Wednesday, KB also launched a committee to integrate Hyundai Securities and its existing brokerage arm KB Investment & Securities. The committee will be led by KB Financial Group President Kim Ok-chan, Hyundai Securities CEO Yoon Kyung-eun and KB Investment & Securities CEO Jeon Byeong-jo.
with the Korea JoongAng Daily
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