Hanwha Securities to buy two units of Prudential

(ATTN: RECASTS headline, lead; UPDATES with more info from para 2)
SEOUL, Feb. 12 (Yonhap) -- Hanwha Securities Co. signed an agreement Friday to
buy the South Korean brokerage and asset management units of U.S. insurer
Prudential Financial Inc., a deal estimated at as much as 490 billion won
(US$425.4 million), Hanwha said.
Hanwha said it clinched the deal to buy a 100 percent stake in Prudential
Investment & Securities Co. and a 99.8 percent interest in Prudential Asset
Management Co.
"The move will pave the way to beef up our asset management business," the Hanwha
said in a statement.
The share price of Hanwha Securities was up 4.45 percent at 9,160 won at the
close of Seoul trading.
Hanwha Securities and Australian-based Macquarie Group had been vying for the
purchase of the two units of the U.S. insurance company. KB Financial Group,
South Korea's top financial services company, dropped out of the bidding.
sooyeon@yna.co.kr
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