W47.6b Sanko acquisition gives Korean securities firm a local foothold, with retail services targeted for 2027 or 2028
Mirae Asset Securities is set to enter Japan's retail brokerage market through the acquisition of Sanko Securities, a Japanese brokerage owned by Okasan Securities Group, as the Korean financial firm expands its overseas business.
Mirae Asset Securities said Thursday its board had approved the acquisition of Sanko through its US subsidiary, Mirae Asset Securities Holdings, for an estimated 47.6 billion won ($35.6 million).
The company will inject 12 billion yen ($76.1 million) into the US subsidiary to finance the purchase and provide additional capital for Sanko's operations. The final acquisition price will be determined at closing, subject to regulatory approvals and other contractual conditions.
The deal will give Mirae Asset Securities a licensed brokerage platform in Japan, allowing it to prepare for a retail market launch as early as 2027 or 2028.
However, the company will have to build its retail business largely from scratch.
Founded in 1953, Sanko became a wholly owned subsidiary of Okasan Securities Group in 2022. It transferred its retail brokerage operations to another Okasan affiliate in May, retaining only its proprietary trading business.
As a result, Mirae Asset Securities will acquire Sanko's trading operations, employees and securities business registration, but not its former retail customer base.
Sanko holds a Type I Financial Instruments Business registration, which permits securities trading and underwriting in Japan. Mirae Asset Securities also plans to convert its existing Tokyo corporate entity into a local securities business entity.
To establish a retail presence, Mirae Asset Securities intends to develop a mobile trading platform and build customer support and marketing operations.
Sanko currently trades securities using its own capital rather than executing transactions for retail clients. Japanese brokerages have increasingly scaled back such proprietary trading operations because of their capital requirements and risk-management burdens, according to local industry reports.
As of March 2026, Sanko had net assets of approximately 4.6 billion yen and net profit of 48 million yen.
Beyond retail brokerage, Mirae Asset Securities is exploring broader cooperation with Okasan Securities Group.
Potential initiatives include distributing exchange-traded funds managed by Global X, Mirae Asset Group's US asset management affiliate, to Okasan customers. The partnership could also extend to regional brokerages using Okasan's securities platform, although specific arrangements have yet to be finalized.
Mirae Asset Securities also sees opportunities in Japan's growing retail investment market, including demand linked to the country's tax-advantaged Nippon Individual Savings Account, or NISA, program.
"This agreement marks an important step toward establishing a local business base in Japan and expanding our global operations," a Mirae Asset Securities official said.
"We will prepare for the market in line with local conditions and regulations, strengthen Sanko Securities' existing business and pursue retail operations after completing the necessary regulatory and organizational preparations."
ch0221@heraldcorp.com
