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KB Investment & Securities/Hyundai Securities merger gets shareholder approvals

KB Investment & Securities Co. Ltd. and Hyundai Securities Co. Ltd. have each received shareholder approvals on Dec. 15 to merge into one entity.

Under the agreement, KB Investment & Securities will be merged into Hyundai Securities, with the latter being the surviving entity, according to a Form 6-K filed Dec. 15.

KB Financial Group Inc. earlier said it plans to complete the merger of its two brokerage units before the end of 2016. The group acquired Hyundai Securities in May.