South Korea-based DGB Financial Group Co. Ltd. plans to resume its application for an approval from the Financial Supervisory Service for its planned acquisition of HI Investment & Securities Co. Ltd. in June, Pulse reported May 14, citing financial industry sources.
The acquisition process was earlier put on hold amid allegations of embezzlement and misconduct by DGB Financial's former CEO, Park In-gyu, who resigned in April. With the personnel issue resolved, DGB Financial should not have any problems obtaining government approval for its planned purchase of HI Investment & Securities, the report said, citing an FSS official.
In November 2017, the company struck an agreement to acquire an 85.3% stake in HI Investment & Securities from Hyundai Heavy Industries Co. Ltd. The transaction was worth 450 billion South Korean won, Pulse said.
As of May 14, US$1 was equivalent to 1,069.31 South Korean won.