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Biz News Korea(Eng)
Shinhan Investment to issue $440 million worth new stocks
- Collected
- 2016.07.23
- Distributed
- 2016.07.25
- Source
- Go Direct
Shinhan Financial Group with a 100 percent stake in the firm decided to issue new shares of Shinhan Investment at a board of directors’ meeting held on Thursday. Additional information like dates was not disclosed. Such a decision was made to better respond to the recent industry trend in the country that securities houses opt to get bigger and bolster competitiveness of its securities business, an unnamed company official said.
With an increase in its equity capital following the upcoming rights offering, Shinhan Investment will gain a license to provide clients IB services in Korea. In the country, only the brokerage houses with an equity capital of more than 3 trillion won are allowed to offer corporate lending and prime brokerage services - a special package of services designed for special clients such as hedge fund operators from securities lending and leveraged trade executions to cash managements. They can also sell more financial derivatives than small and mid-sized brokerage houses. Currently, brokerage house with an equity capital over 3 trillion won in Korea are Mirae Asset Daewoo Co. NH Investment & Securities Co., Korea Investment & Securities Co., Hyundai Securities Co. and Samsung Securities Co.
An unnamed official at Shinhan Investment said the brokerage firm aims to become top industry leader by 2018 following the latest decision.
By Kim Dae-gi
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