Mirae Asset Securities to fully acquire Japanese brokerage Sanko Securities

Mirae Asset Securities, a major Korean securities firm, said Thursday it will acquire the Japanese brokerage Sanko Securities in a drive to expand its presence in the Japanese financial sector.

In a regulatory filing, Mirae Asset said its board has approved a plan to buy a 100 percent stake in Sanko Securities.

The stake will be purchased by the company’s U.S. affiliate, Mirae Asset Securities Holdings, according to the filing.

The acquisition was worth 47.6 billion won ($35.6 million), and its final value will be decided when the transaction is completed, the filing said.

For the deal, Mirae Asset will invest 100 billion won into the U.S. affiliate, and the fund will be used to expand businesses in Japan, according to the filing.

Yonhap