Mirae Asset Group headquarters in Seoul (Mirae Asset Daewoo)
South Korean securities brokerage firm Mirae Asset Daewoo is expanding its global footprint as it revs up localization efforts, while its overseas business operations are setting new highs in terms of net income despite the COVID-19 pandemic.
Mirae Asset Daewoo operates 11 foreign corporations and three offices, according to its latest financial statement.
In the first three quarters of 2020, Mirae Asset Daewoo logged a combined 174.1 billion won ($157.4 million) net profit before taxes, topping that of the full year of 2019, when it earned 170.9 billion won net profit.
This comes as the foreign firms’ quarterly net income hit an all-time high for two consecutive quarters. From July to September, Mirae Asset Daewoo’s foreign corporations raked in 71.1 billion won net profit, a new high from 58.8 billion won during the previous quarter.
Mirae Asset Daewoo’s regional diversification strategy stands out.
Its subsidiaries in Vietnam and Indonesia are carrying out a digital transformation to gain a foothold in the region, so that account creation and marketing of financial products can be done online, Mirae Asset Daewoo said. Its Southeast Asian arms also aims to see more investment banking and principal investment activities supported by its digitalization effort, the company added.
In comparison, Mirae Asset Daewoo’s subsidiaries in Hong Kong and London are ramping up their investment banking businesses, while its New York office is focusing on prime brokerage services targeting local institutional investors.
By Son Ji-hyoung (email@example.com