Samsung Securities hiring 50 in Hong Kong this year
Updated: 2009-08-18 07:16
(HK Edition)
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HONG KONG: Samsung Securities Co, South Korea's largest brokerage by market value, said it will hire 50 people in Hong Kong by the end of this year and is in talks with at least three potential partners for a venture on the mainland.
Samsung Securities aims to begin operations on the mainland and in Taiwan, Japan, Singapore and India through internal growth or acquisitions, Chief Executive Officer Park Chun Hyeon said yesterday in an interview in Hong Kong. He'll attend a ceremony in Hong Kong today to launch increased services, including brokering of stocks on the Hong Kong exchange.
Park, 56, took the helm at the Seoul-based company in June last year, pledging to bolster investment banking operations and to make the company a "regional player in Asia." He said yesterday he wants to achieve his goal in about six years.
"We are going to focus on expanding in Asia, because Asia is the growth engine," Park said. "If you have a strong presence in Asia, that can be a short-cut to becoming a global player."
The brokerage this year invested $100 million more in its Hong Kong unit, Samsung Securities Asia Ltd, which is expanding to offer advisory services for raising capital, acquisitions, stock trading and investment management.
Samsung Securities is helping a company to list its shares on the Hong Kong stock exchange by the end of the year, Senior Executive Vice President Kim Suk later told reporters in Hong Kong, refusing to identify the company or give more details.
The brokerage said in July it would consider a joint venture on the mainland and convert its Tokyo office into a branch. The company aims to begin operations on the mainland in two to three years, Park said yesterday.
Samsung Securities shares fell 2 percent to 76,800 won at the 3 pm market close in Seoul, outperforming the 56-stock financial index's 4.1 percent drop.
The new hires would boost the total number of staff in Hong Kong to about 60 by the end of this year. Among them is Colin Bradbury, a former strategist at Deutsche Bank AG, who was hired in June as Samsung Securities' Hong Kong research head.
Bloomberg News
(HK Edition 08/18/2009 page4)