The two brokerage units under South Korea's Mirae Asset Financial Group have hired a large number of employees this year ahead of their planned merger despite the securities industry's slump, sources said Thursday.
Mirae Asset Daewoo Securities Co., formerly KDB Daewoo Securities Co. owned by the state-run Korea Development Bank, completed the hiring of 59 new employees the previous day. Mirae Asset Securities Co. has also employed 141 new workers and career staff this year.
In April, Mirae Asset Securities acquired a 43-percent stake in KDB Daewoo Securities Co. from the state-run lender for 2.32 trillion won (US$1.97 billion). The name was changed to Mirae Asset Daewoo Securities later that month.
In early November, shareholders of Mirae Asset Securities and Mirae Asset Daewoo Securities approved the Dec. 29 merger of the two entities. The new company will emerge as the country's biggest securities firm in terms of capital at 6.7 trillion won, with its shares set to be listed on the main stock market on Jan. 20.
An official of Mirae Asset Daewoo Securities said the company has recruited more employees than originally planned in the run-up to the merger.
"Mirae Asset Daewoo Securities will continue to increase its intake of new employees in step with its blueprint for becoming a major global investment bank," he said.
The Mirae brokerage units' hiring strikes a sharp contrast to belt-tightening by most securities companies amid escalating economic uncertainties. Industry leader NH Investment & Securities Co. recently conducted a voluntary retirement program.
In recent years, Mirae Asset Financial Group, an asset management giant in South Korea, has been ramping up its expansion drive to grow into a global player in asset management and investment banking. (Yonhap)
