Mirae Asset Securites-Mirae Asset Daewoo merger approved

[THE INVESTOR] The merger of Mirae Asset Securities and Mirae Asset Daewoo was approved by the Financial Services Commission on Sept. 21.

Once the merger is complete, the merged company will have assets of 6.7 trillion won (US$ 6 billion), the largest among local securities companies.

Mirae Asset Daewoo applied for state approval of the planned merger in July.

The merger, which will see Mirae Asset Daewoo absorb Mirae Asset Securities, is set for Dec. 29. The two companies had initially planned to merge on Nov. 1.

With the changes, the two companies’ shareholders will convene on Nov. 4, and the merged company will be registered on Dec. 30.

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