Mirae Asset Financial Group, a leading asset manager, created South Korea's largest securities firm Friday, with its equity capital estimated at 5.8 billion US dollars, that would match major foreign brokerages.
Shareholders approved a merger of Mirae Asset Daewoo and Mirae Asset Securities. New shares of the merged entity named Mirae Asset Daewoo would be listed on January 20 next year. It's South Korea's largest securities firm with equity capital of 6.7 trillion won ($5.8 billion).
The merger underlines the asset manager's aggressive move to expand its presence at home and abroad. Mirae has acquired buildings and hotels abroad, including the Hyatt Regency Waikiki Beach Resort & Spa this year.
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