Foreign firms enter Korean securities industry

Restructuring and liberalization of the financial sector bring two opportunities for foreign investors.
August 31, 2000
Agreements announced this week will see foreign investors take a controlling interest in two Korean securities companies ûáIleun Securities and Hyundai Securities. And although the size of these deals are markedly different, they both result from a need for cash by conglomerates trying to restructure their finances and government bodies bailing out banks.

A group led by American International Group AIG and W L Ross have proposed to increase their investment in three financial units, currently controlled by the Hyundai conglomerate, to W1.1 trillion $1 billion. If the deal goes ahead after the investors have examined Hyundai SecuritiesÆ accounts, it will give the foreigners the largest stake û 23.7% û in Hyundai Securities,...

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