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[Best Brand] Mirae Asset Daewoo banks on diversified global investment

Mirae Asset Daewoo / Securities firm

South Korean brokerage Mirae Asset Daewoo said Monday it had expanded its presence by creating synergy with multiple businesses -- such as investment banking and trading in Korea and abroad -- and diversifying its investment portfolio.

Mirae’s capital surpassed 9 trillion won ($7.76 billion) at the end of the third quarter this year. Its net profit came to 123.9 billion won in the same period, making it the country’s first securities firm to mark annual net profit of 100 billion won.

Furthermore, its overseas corporation has performed well. Those branches have made steady profit of 30 billion won per quarter this year. The brokerage firm’s Indonesia and Vietnam branches recorded their best quarterly performance through local brokerage growth in the third quarter of this year.

Mirae Asset Daewoo’s headquarters in central Seoul (Mirae Asset Daewoo)
Mirae Asset Daewoo’s headquarters in central Seoul (Mirae Asset Daewoo)

The firm’s Hong Kong branch was the first Korean brokerage to become an initial public offering underwriter on the US’ Nasdaq exchange for German biotechnology firm BioNTech. It also participated as an underwriter for logistics real estate developer ESR Cayman’s IPO on the Hong Kong Stock Exchange.

In November, Mirae created the local industry’s first One-Asia Equity Sales division to actively sell financial investment products to overseas investors.

Mirae has also led global investments, becoming a pioneering financial player via alternative investments.

In June this year, it sold Taunusanlage 8, a prime office building in Germany, making about 160 billion won in profit in two years.

The brokerage firm signed the deal to sell the office building in Frankfurt for 400 million euros ($448 million). Once the deal is closed, its internal rate of return is expected to surpass 25 percent.

With the largest overseas network for a Korean brokerage firm -- 12 branches and three offices -- Mirae has found investment opportunities such as acceptance financing, mezzanine investment, project financing and principal investment.

“Launching Mirae Asset Daewoo, we invested a decent amount in overseas investment. Recently, we’re getting fair results in global investments, with the first half of this year’s earnings surpassing last year’s,” an official said.