The Largest Company Naver Forms Strategic Alliance with Korea
Mimi Jo, June 27, 2017, 9:36 a.m.
Korea's largest securities company Mirae Asset Daewoo and top Internet portal Naver have agreed to form a strategic business alliance and agreed to invest W500 billion in each other (US$1=W1,137).
The cross-investments will be made by each side buying W500 billion worth of treasury shares. Naver will acquire a 7.1-percent stake in Mirae Asset Daewoo, and the brokerage will secure 1.71 percent of Naver.
A Mirae staffer said, "The global trend now is the fusing of finance and IT, with even Goldman Sachs saying it is no longer an investment bank but an IT business. The strategic alliance involves the two companies cooperating in terms of technology and finance, but no specific plans have been made yet how to do that."