Mirae Asset Group is reportedly planning to submit its proposed acquisition of a Japanese securities firm to its board on the 29th for a resolution. It is believed to be seeking to overcome barriers to entering the Japanese market by acquiring an existing company.
Mirae Asset Group is reportedly expected to submit its proposed acquisition of a Japanese securities firm to its board on the 29th of this month and begin the process of obtaining final approval. Chairman Park Hyeon-joo indicated in a speech on the 27th that the acquisition could be announced after the board procedures. The specific company has not been disclosed, but many in the financial investment industry believe that the target is a Japanese securities firm.
The acquisition is intended to avoid Japan's high barriers to entry in the securities industry and expand the business by using an existing sales network and customer base. Compared with obtaining a new license, the acquisition is expected to provide immediate access to business infrastructure.
In a previous move, Mirae Asset acquired India's local securities firm Sharekhan for approximately KRW 586.6 billion and launched Mirae Asset Sharekhan. Chairman Park said the company plans to expand its M&A activities and intends to focus on the U.S. and Chinese markets.