Daishin Securities Co., a South Korean mid-sized brokerage, has decided to take over a full stake in its U.S. affiliate Daishin America for 47.3 billion won ($44 million) to broaden its global business, the company announced Monday.
The securities firm founded in 1962 began to tap into the global market in 2011 by entering the Southeast Asian market including Indonesia and Thailand. It is the first time for the company to set up a legal entity in the U.S.
Its first U.S. subsidiary to be based in New York will be focusing on looking for alternative investments and introducing them to domestic investors, particularly real estate investment in which Daishin Securities has competitiveness, according to the company.
An official from the company said it decided to establish a subsidiary in the U.S., one of the most stable markets in the world, to search new overseas investments for local investors and manage them. It plans to send workers to Daishin America to help it lead its global business, according to the official.
By Yoon Jin-ho and Choi Mira
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