Mirae Asset Daewoo seeks merger with Mirae Asset Securities

[THE INVESTOR] The financial authorities are reviewing Mirae Asset Daewoo's proposal for a merger with Mirae Asset Securities, local media reported on Aug. 3.

If approved, Mirae Asset Daewoo will become South Korea’s largest securities company in terms of capital. After the two companies are merged, Mirae Asset Daewoo’s capital would rise to 6.7 trillion won (US$6 billion). At present, NH Investment and Securities has the largest paid-in capital of 4.5 trillion won.

Citing unnamed officials from the financial authorities, local media reported that the merger is likely to be approved.

If approved at the shareholders meeting on Oct. 20, the two companies will be merged under the name Mirae Asset Daewoo on Nov. 1.

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