Kiwoom Securities will acquire a Seoul-based savings lender TS Bank to expand its revenue sources, the Korean brokerage firm said on Wednesday.
Kiwoom plans to buy the entire stake -- 2 million shares -- in TS Bank for 88.5 billion won ($77.52 million), according to the firm’s regulatory filing.
Currently, TS Bank runs two branches in Yeoksam and Yeouido, Seoul.
Kiwoom said the acquisition plan aims at “increasing revenue by entering the savings banking business.”
The deal is the latest move by Kiwoom to diversify its business portfolio in the financial sector.
In 2011, the securities company bought Samshin Mutual Saving Bank, now Kiwoom Savings Bank – with two branches in Gyeonggi Province -- for roughly 35.3 billion won.
The TS Bank deal is subject to approval by the country’s top financial regulator.
By Park Han-na(email@example.com