Korea’s financial regulator on Nov. 13 granted licenses to five brokerages to engage in investment banking businesses.
The five securities firms are Mirae Asset Daewoo Securities, NH Investment & Securities, Korea Investment & Securities, KB Securities and Samsung Securities, the Financial Services Commission said in a statement.
However, only Korea Investment & Securities was given approval to do short-term corporate lending, such as the issuance of commercial papers that is viewed as one of the key businesses for an investment bank.
The FSS said it is still reviewing the financial health and eligibility of major shareholders of the remaining four brokerages to determine if they are eligible for the short-term financing business.
By Alex Lee and newswires (firstname.lastname@example.org