South Korea's DGB Financial Group Co. Ltd. said in May 23 regulatory filings that unit Hi Investment & Securities Co. Ltd. will sell all of its stakes in Hi Asset Management Co. Ltd. and Hi Investment & Futures Corp. to outside investors.

Hi Asset Management will be sold to Hong Kong-based Hai Tian International Securities Ltd. for 77.6 billion won, while Hi Investment & Futures will be sold to South Korea-based private equity investor BankerStreet Co. Ltd. for 28.6 billion won.

The asset sales were approved by the board of Hi Investment & Securities on May 23. Sales and purchase agreements will be signed at a later date, pending further negotiations and regulatory clearance procedures, according to the filings.

DGB Financial Group cited group operational efficiency as the reason for the divestments.

DGB Financial Group, which controls Daegu Bank Ltd., acquired an 85.3% stake in Hi Investment & Securities for 472 billion won from Hyundai Heavy Industries Group in October 2018.

As of May 23, US$1 was equivalent to 1,189.58 South Korean won.