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Biz News Korea(Eng)
KB Financial bolsters Hyundai Securities base ahead of merger
- Collected
- 2016.12.31
- Distributed
- 2017.01.02
- Source
- Go Direct
KB Financial in a disclosure statement said its unit Hyundai Securities would issue 180 billion won worth in new shares for private placement at 9,100 won per share. KB Financial owns 100 percent in Hyundai Securities that is due to merge with another KB entity KB Investment & Securities formerly on Jan. 2.
After the rights offering, Hyundai Securities’ net worth would increase to 3.5 trillion won and when combined with KB Investment & Securities worth 660 billion won, the integrated securities arm of the country’s biggest financial group will command capital of 4.2 trillion and become the fourth or fifth largest in the industry.
The integrated entity would become eligible to underwrite one year-old commercial papers, a business restricted to an investment bank with net worth of more than 4 trillion won.
The group appointed Park Jung-lim, a KB Bank vice chairman of loan division to command retail wealth management and Jeon Gwi-sang, KB Bank’s vice chairman on commercial bank division, to spearhead the merged entity’s commercial banking business.
By Chun Gyung-woon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]