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South Korea to establish M&A advisory body

South Korea's Financial Services Commission intends to establish a consultative body by the end of August to aid local companies seeking M&A deals overseas, The Korea Herald reported Aug. 7, citing the regulator.

The new committee, which will be jointly established with state-run banks Korea Development Bank, Export-Import Bank of Korea and Industrial Bank of Korea, will be tasked with providing financial aid and consulting services for South Korean companies.

The local branches of global investment banks have also agreed to participate to provide foreign outsourcing for companies that need M&A services overseas, an FSC official said.

The establishment of the consultative body is in line with the South Korean government’s contingency plans in response to Japan's decision to remove South Korea from its list of trusted trade partners. The government's plans also include financial support for companies looking to enter the materials, parts and equipment sectors, or seeking the acquisition of new technologies.

Industrial Bank of Korea and Export-Import Bank of Korea will allocate 1 trillion won and 1.5 trillion won, respectively, to finance M&A exercises, while the Korea Development Bank will provide 2.5 trillion won to boost competitiveness of the sectors.

In addition, companies buying materials, parts or equipment businesses in overseas markets will get tax support until the end of 2022. Moreover, large companies or conglomerates will be offered a corporate tax credit of 5%, while small and medium-sized enterprises will be offered a corporate tax credit of 10%.

As of Aug. 7, US$1 was equivalent to 1,218.54 South Korean won.