Samsung Life absorbs securities arm as subsidiary

By Park Sae-jin Posted : October 24, 2016, 17:54 Updated : October 24, 2016, 17:54

[Courtesy of Samsung Life Insurance]


Samsung Life Insurance incorporated a brokerage arm of South Korea's largest conglomerate into its subsidiary Monday amid market speculation that the group would speed up the restructuring of corporate governance under its new leader.

Samsung Life said in a regulatory filing that it boosted its stake in Samsung Securities from 11.14 percent to 19.16 percent through the purchase of 6.13 million shares for 38,200 won (33.6 US dollars) per share.

The purchase in off-hours block trading would help Samsung Life put the brokerage unit under its arm.

Samsung Life has been at the center of attention among market watchers since the group completed a merger of Cheil Industries and Samsung C&T in September last year. The deal helped the group strengthen its cross-ownership structure because the merged affiliates had stakes in other units.

Analysts have suggested a possible scenario that the group would be streamlined into two major sections with Samsung Life controlling financial units and Samsung Electronics spearheading nonfinancial affiliates such as Samsung SDS.

Aju News Lim Chang-won = cwlim34@ajunews.com
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