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South Korea: Consolidation could follow largest broker buyout

 |  December 16, 2013

As South Korea-based Woori Investment & Securities Co. received its final buyout bids for its brokerage unit, reports say the deal – which would amount to the largest-ever acquisition of a South Korean broker – will likely spur consolidation in the industry as the nation moves to strengthen its economy.

Woori received bids from NH Financial Group, KB Financial Group and PineStreet Group to acquire assets worth $719 million. Following the bids, the nation’s Financial Services Commission said it would promote further consolidation by allowing brokerages to enter new industries through buyouts.

Reports say the nation is looking to solidify its status as a top securities industry nation. The nation vowed in 2011 to establish “the Goldman Sachs of Korea.”

Full Content: Bloomberg

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