SEOUL, KOREA - A total of four bidders tendered their applications to acquire Hyundai Securities, which included DGB Financial Group (Daegu Bank), Orix Group of Japan, and private equity fund firms such as Jabez Partners and PineStreet Group.

 

The underwriter will decide whether to sell the securities firm's subsidiaries Hyundai Asset Management and Hyundai Savings Bank after taking additional letters of intent from other applicants. Other candidates that had shown interest previously like Hyundai Motor Group and Hyundai Heavy Industries, as well as KB Financial Group, have not participated in the main bidding.

 

In consideration of the possibility of HMC Investment & Securities (under control of Hyundai Motor) and HI Investment & Securities (Hyundai Heavy Industries) joining the fray, the underwriter will give an extra chance for entry.

 

Following the acquisitions of KDB Life and Aju Capital, DGB Financial Group has shown a voracious appetite by revealing the intent to take over Hyundai Asset Management. Japan's Orix Group has focused on acquiring domestic savings bank assets. Other bidders including Jabez Partners and PineStreet Group are also strong contenders with records of big-name deals such as the sale of Woori Investment & Securities. The shares for sale are a 36.86-percent stake owned by Hyundai Securities, whose value is estimated at 600 billion won.