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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] Shinhan Securities has agreed to sell its New York subsidiary to Kiwoom Securities after 33 years, as part of a broader scaling-back of its global operations.
According to investment banking sources on April 24, Shinhan recently signed a share purchase agreement to transfer its stake in Shinhan Securities America to Kiwoom. The deal value is reportedly in the tens of billions of won.
Following the sale, Shinhan Securities will no longer be able to directly broker U.S. equity trades.
Established in 1993, the New York unit has been Shinhan’s longest-standing overseas base. However, persistent losses—posting deficits for four consecutive years and accumulating losses of KRW 4.5 billion—led to the decision to divest.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
