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Biz News Korea(Eng)
Hana Financial Investment seeks $649mn to become mega bank
- Collected
- 2018.03.25
- Distributed
- 2018.03.26
- Source
- Go Direct
The company said on Friday the decision to seek a rights offering was approved by its shareholders and board members as well as the board of Hana Financial Group Inc., the investment holding entity which owns a 100 percent stake in the firm. The payment must be made by Monday.
The rights issue would push up Hana Financial Investment’s equity to 2.69 trillion won from 1.99 trillion won as of last December. Its equity capital is expected to be around 2.5 trillion won after paying out 150.5 billion won in dividends.
The move is in line with similar bulking up among rivals amid a government scheme to nurture domestic brokerages into mega-sized investment banks. Under current capital market law, a brokerage with equity of 3 trillion won or more is categorized as a comprehensive finance and investment business entity, allowing it to provide corporate lending services and act as a prime broker in large trading services.
The capital increase is expected to help boost Hana Financial Investment’s competitiveness and significantly strengthen its balance sheet through improved IB services and trading operations. It would also help ease its reliance on banking, contributing to the group-wide goal to bolster its non-banking sector to 30 percent by 2025.
By Chun Gyung-woon and Kim Hyo-jin
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]