KB Fin Buys Hyundai Securities Stake for $1.1 Bln
South Korean banking group KB Financial Group Inc is acquiring a controlling stake in brokerage Hyundai Securities Co Ltd for 1.25 trillion won ($1.09 billion) in a high-priced bet on diversification. About two-thirds of KB Financial's 2015 net profit came from its banking unit, Kookmin Bank, and the acquisition of South Korea's sixth-largest securities brokerage by equity capital is aimed at bringing that ratio closer to a stated goal of increasing non-bank contribution to 40 percent.
Partner Jamila Khan moves to Ince & Co’s Piraeus Office
Ince & Co partner Jamila Khan has moved to the firm’s Piraeus office. Jamila has a broad practice covering all aspects of shipping and international trade and commodities disputes and commercial transactions. She has close links with the Greek shipping industry having spent a year in Piraeus from 2003 to 2004. She is a key member of the firm's Italy and Turkey teams. Jamila acts for ship owners, operators and charterers on a variety of dry shipping matters including charterparty disputes. She handles LMAA, LCIA and ad hoc arbitrations and Commercial Court disputes.
Seoul Shares Close at New High on Shipbuilding
South Korean stocks hit a fresh closing high Thursday as investors picked up shipbuilding and machinery shares, taking a cue from overnight gains in U.S. markets, analysts said. The South Korean won fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) rose 14.98 points, or 0.94 percent, to 1,615.58. Volume was moderate at 445.7 million shares worth 4.67 trillion won (US$5.03 billion), with winners outpacing losers 544 to 226. Shipbuilders led the gain with top shipyard Hyundai Heavy Industries rising 6.53 percent to 285,500 won. Steel shares gained ground. No. 2 steelmaker Hyundai Steel advanced 2.45 percent to 48,150 won after a local brokerage raised its price estimate for the shares. Tech blue chips traded in negative territory.
