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Report: South Korea's DGB Financial to sell Hi Asset Management unit

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Report: South Korea's DGB Financial to sell Hi Asset Management unit

South Korea's DGB Financial Group Co. Ltd. plans to sell Hi Asset Management Co. Ltd., which is controlled by its Hi Investment & Securities Co. Ltd. unit, FNTIMES reported Dec. 20, citing industry sources.

The decision was made by the company's board Dec. 19 due to weak synergies and overlapping business portfolios.

DGB Financial completed the acquisition of Hi Investment & Securities in October.

It plans to complete the sale of Hi Asset Management by the third quarter of 2019, the report said, without specifying sale details.