[Yonhap News Photo]
South Korea's largest securities firm with its equity capital estimated at 5.9 billion US dollars will be launched at the end of this year through the combination of two units under the wing of Mirae Asset Financial Group, a powerful asset manager.
In board meetings Monday, Mirae Asset Daewoo and Mirae Asset Securities decided to complete their merger on December 29. New shares of the merged entity named Mirae Asset Daewoo would be listed on January 20 next year, the two companies said in a regulatory filing.
South Korea's financial watchdog is scheduled to deliberate on the merger Wednesday. If approved, it would be the country's largest securities firm with equity capital of 6.7 trillion won ($5.9 billion).
The asset manager has acquired buildings and hotels abroad, including the Hyatt Regency Waikiki Beach Resort & Spa this year, while many domestic competitors remained trapped in domestic stock markets hit by slow growth.
Aju News Lim Chang-won = cwlim34@ajunews.com
reporter
Park Sae-jin
swatchsjp@ajunews.com
