SEOUL, KOREA - The Financial Services Commisssion on May 21 held a regular meeting and approved a proposal by Taiwan's Yuanta Securities to acquire the controlling stake in Tongyang Securities. Yuanta Securities Asia Financial Service, the subsidiary of Yuanta Securities, will take over a total of a 53.6-percent stake (105 million shares) in Tongyang Securities, including a 27.06-percent stake hitherto held by Tongyang International (14.93%) and Tongyang Leisure (12.13%) and a 26.54-percent stake from capital increases.

 

Earlier in March, the bankruptcy judges of the Seoul Central District Court approved an application by Tongyang International and Tongyang Leisure to permit Taiwan's Yuanta Securities to take over Tongyang Securities for which the two Tongyang Group companies have controlling stakes. 

 

Established in 1961 as a subsidiary of Yuanta Financial Holding Co., Yuanta Securities Co., Ltd. is the largest securities company in Taiwan. With capital of 3.5 trillion won, it has 190 offices across the country. As of September 2013, Yuanta is No. 1 in brokerage volume, No. 2 in bond underwriting, and No. 1 in futures contract trading. With this, the bid by Yuanta to take over Tongyang Securities has been completed.