[Courtesy of KB Financial]
KB Financial Group, a major South Korean holding company, said Tuesday it has acquired a 29.62 percent stake in Hyundai Securities, completing its acquisition from the embattled Hyundai Group.
The purchase is part of efforts by KB Financial to compete with the Mirae Asset Group, which has become South Korea's largest brokerage house after taking over Daewoo Securities for $2 billion.
In a regulatory filing, Kookmin Financial, which runs Kookmin Bank, one of South Korea's four largest commercial banks, said it acquired 16.71 million shares of Hyundai Securities for 6,410 won ($5.47) per share.
KB Financial has become Hyundai Securities' largest shareholder. The Hyundai group has sold the securities firm to secure funds for the restructuring of troubled units including Hyundai Merchant Marine, a container carrier which has been put under a creditor-led rehabilitation scheme.
KB Financial has said that Hyundai Securities would promote its customer value. It has tried to provide various services in wealth management and corporate investment banking.
Aju News Lim Chang-won = cwlim34@ajunews.com
reporter
Park Sae-jin
swatchsjp@ajunews.com
