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KIWOOM Securities to buy TS Savings Bank in 88.5B won deal

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KIWOOM Securities to buy TS Savings Bank in 88.5B won deal

South Korea's KIWOOM Securities Co. Ltd. is acquiring TS Savings Bankin an 88.5 billion won deal to boost its revenue sources, The Korea Herald reported July 20, citing a regulatory filing.

Under the proposed deal, the brokerage will acquire theentire 2 million shares of TS Savings Bank. The deal is subject to approval ofSouth Korea's Financial Services Commission.

TS Savings Bank operates two branches. The deal came yearsafter KIWOOM Securities in 2011 acquired Samshin Mutual Saving Bank, nowKiwoom Savings Bank Co.Ltd.

As of July 20, US$1was equivalent to 1,141.58 South Korean won.