By brokerages, Hana Financial Investment removed 13 offline branches between June 2017 and June this year, while Mirae Asset Daewoo decreased its number of branches by 10. This came in contrast to Shinhan Financial Investment, which added seven branches.
Mirae Asset Daewoo, the largest brokerage by owned capital, had the biggest number of branches at 160, followed by KB Securities and Shinhan Financial Investment with 119 and 117 branches, respectively.
In line with the shrinking branch network, the use of mobile trading systems has significantly increased. According to the Korea Exchange’s latest data, stock trades through mobile devices like smartphones or personal digital assistants accounted for 17.7 percent and 34.5 percent of the entire trade volume on the top-tier Kospi and the second-tier Kosdaq respectively in the first half of 2017. The figures increased from those of 2011, at 4.9 percent and 9.3 percent, respectively.
By Son Ji-hyoung