Chairman Park Hyeon-joo of Mirae Financial Group. (Photo: Mirae Asset)

Mirae Asset Daewoo is to focus on four major areas of its operation this year, such as globalization, investment banking, digitalization and retirement fund, with a target of being a top bank in the world by 2025. It aims to fully utilize its 8 trillion won capital at home and 3 trillion won for its overseas affiliates.

The company opted to introduce investment banking, trading and wealth management in its operation to pave the way for meeting its target by strengthening the IB, expand corporate financing, and also trading and retirement fund management.
Last year, the company was able to successfully undertake a number of huge deals by utilizing its enormous capital, consolidating its base for global operation.

This year, too, the company aims to continue to focus on its global operation by investing in the foreign companies related with the 4th Industrial Revolution including Bukalapac in Indonesia. The company invested $78 million in Amazon’s new logistics center in America. In February, the company was named as a priority bidder in the sale of Majunga Tower, a landmark structure in Paris, valued at some 1 trillion won.

Mirae Asset Daewoo posted 584.3 billion won in pretax profit last year led by the IB fee income amounting to 324.6 trillion won, up 26.8 percent YoY, despite the tough business environment with global economy’s uncertainty expanding, slowing down the trading sector profits. The company also did well in lead managing the initial public offering for domestic firms including Café 24 for the first time thru the procedure taken for the Tesla IPO abroad at domestic stock market.

The company participated in a number of large project financing projects, including the Alphadom City Development Project, the Incheon Business type Rental Project, the Kwangmyung Station Area Development Project, and the Ansan Knowledge Industry Center Project, among others.

Backed by 8 trillion won in capital and operations in 11 countries, securities firm has been out to diversify operation by picking up such new businesses as real estate, airplane finances, IPOs, and wealth management.

Mirae Asset Daewoo is aiming to be the largest investment bank in the world, as the company successfully boosted its capital to 8 trillion won by issuing new shares worth 700 billion won last month as part of its ambitious global strategy. The investment banking firm’s outlets in 11 countries will be the bridgehead for its overseas operation expansion.

It’s the most overseas outlets for any Korean rival firm. Each overseas subsidiary has capital amounting to around 2.3 trillion won as they are ready to focus on the growth strategy geared to market trends in each country in the region.

Chairman Park Hyeon-joo said the company will shoot for 1 trillion won in net profit this year, a 50 percent increase from last year by expanding its overseas investment. The company will go ahead with the plan to be a leading IB firm in global terms and unfurl shareholder friendly policies to jointly share these coveted results, he added.

Mirae Asset Financial Group should parlay the organization, management and process to meeting the global standard, the group Chairman Park Hyeon-joo said in his New Year’s address.

“We plan to set up a global investment bank center to significantly expand investments in venture capital as well as in private equity funds, real estate and social overhead capital (SOC) to become a market leader,” he said. In January 2016, Mirae Asset Securities agreed to buy a 43 percent stake in Daewoo Securities for 2.39 trillion won ($2 billion) in a deal that created South Korea’s largest brokerage by assets.