Hyundai Securities to be absorbed into KB Financial Group

[THE INVESTOR] Hyundai Securities’ board of directors on Aug. 2 announced that the company will become a wholly owned subsidiary of KB Financial Group.

Under the plans, which needs approval from the shareholders, Hyundai Securities will be absorbed into KB Financial group through a 1:0.1907312 stock swap. Hyundai Securities’ shareholders meeting is scheduled for Oct. 25, and the stock swap is scheduled for Nov. 9.

The move is aimed at laying the foundation for merging Hyundai Securities with KB Investment and Securities.

“It was deemed that stock swap with KB Financial Group is more fair than merging directly with KB Investment and Securities, which is an unlisted company,” a Hyundai Securities spokesperson told the local media.

By Choi He-suk (cheesuk@heraldcorp.com)