“Differentiated Growth Through Global Business… Establishing a Virtuous Cycle of Investment, Growth, and Performance”
Chairman Park Hyun-joo continues to acquire overseas businesses, stating, “20 years of preparation for global business.”
(Seoul=Yonhap News) Reporter Jo Seong-heum = Mirae Asset Securities announced on the 28th that it had completed the acquisition of India’s local brokerage firm, Sharekhan.
In December of last year, they signed a stock purchase agreement (SPA) with Sharekhan and have now received merger approvals from the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI).
With this acquisition, they became the first domestic brokerage firm to enter the Indian capital market in 2017 and, six years later, have acquired a local firm for the first time.
Sharekhan, rebranded as ‘Mirae Asset Sharekhan’, ranks among the top 10 local securities firms with 3.1 million customers, over 120 branches, and more than 4,400 business partners.
Mirae Asset Securities expects the acquisition will enable them to offer a diverse range of services across both online and offline platforms in the Indian wealth management (WM) sector while also creating synergy at the group level by leveraging its global expertise.
Additionally, they have set a goal to rise to the fifth-largest securities firm in the local market within five years.
From the Mirae Asset Group’s perspective, they have achieved differentiated growth compared to other financial companies through global business, and they claim to have established a virtuous cycle where active investment leads to growth, which then results in performance.
Announcing their plan to enhance corporate value, Mirae Asset Securities had projected that starting with this year’s acquisition of Sharekhan, their annual profit from global business would increase by over 100 billion KRW. They also unveiled a vision to generate more than 500 billion KRW in pre-tax profit from global business starting in 2027 by putting 40% of their equity capital into full-fledged global business expansion.
Chairman Park Hyun-joo, since his appointment as Global Strategy Officer (GSO), has focused on overseas business, successfully acquiring Global X, a leader in thematic ETFs in the U.S. in 2018, Global X Australia in 2022, the robo-advisor StashAway in Australia in 2023, and European ETF market maker GHCO, leading to the latest acquisition.
Through these efforts, Mirae Asset Securities has solidified its global business competitiveness and is preparing for the next 20 years of global business.
A spokesperson for Mirae Asset Securities stated, “The acquisition of Sharekhan reflects Mirae Asset’s will to position India as a key growth market,” and “We aim to provide new wealth creation opportunities to Indian customers by leveraging Mirae Asset Group’s global capabilities.”