[Yonhap News Photo]
Financial regulators on Wednesday approved the creation of South Korea's largest securities firm with its equity capital estimated at 5.9 billion US dollars under the wing of Mirae Asset Financial Group, a powerful asset manager.
The move came after Mirae Asset Daewoo and Mirae Asset Securities decided in board meetings Monday 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. 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
