SEOUL:

The Pak Banker - - COMPANIES/BOSS -

Mi­rae As­set Se­cu­ri­ties Co. agreed to buy a 43 per­cent stake in Dae­woo Se­cu­ri­ties for 2.39 tril­lion won ($2 bil­lion) in a deal that will cre­ate South Korea's largest bro­ker­age by as­sets. Mi­rae As­set is ac­quir­ing 140.5 mil­lion shares of Dae­woo Se­cu­ri­ties from Korea De­vel­op­ment Bank, pay­ing about 16,979 won per share, ac­cord­ing to a reg­u­la­tory fil­ing. KDB is of­fload­ing the stake as part of govern­ment ef­forts to re­coup pub­lic funds, which were used to pur­chase Dae­woo Se­cu­ri­ties af­ter the 1997-1998 Asian fi­nan­cial cri­sis trig­gered the col­lapse of Dae­woo Group. As of De­cem­ber, the com­bined as­sets of Mi­rae As­set Se­cu­ri­ties and Dae­woo were about 61.9 tril­lion won, ex­ceed­ing the 41.7 tril­lion won of as­sets held by the coun­try's big­gest bro­ker­age, NH In­vest­ment & Se­cu­ri­ties Co., ac­cord­ing to data from the Korea Fi­nan­cial In­vest­ment As­so­ci­a­tion.

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