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Mirae Asset Daewoo, Mirae Asset Securities complete merger

Mirae Asset Daewoo Co. Ltd. and Mirae Asset Securities Co. Ltd. completed their merger Dec. 30, 2016, creating the largest securities company by equity size in South Korea.

The merged entity commenced operations Jan. 2, a representative from Mirae Asset Daewoo, the surviving entity, told S&P Global Market Intelligence.

Mirae Asset Securities acquired Daewoo Securities from Korea Development Bank in April 2016 and renamed it Mirae Asset Daewoo. Upon completion of the merger, Mirae Asset Capital Co. Ltd. became the largest shareholder of Mirae Asset Daewoo, with an 18.09% stake as of Dec. 30, 2016.