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Samsung Securities Co., Ltd. (Korean : 삼성증권 ) is a South Korean financial services company headquartered in Seoul , South Korea , and a subsidiary of Samsung Group . It is one of the largest securities companies in Korea.[2]
History [ edit ]
On 19 October 1982, Hanil Investment & Finance was established.[1] [3]
In 1988, the company was publicly listed on the Korea Exchange .[1]
In 1991, the company changed its name to Kookje Securities.[1]
In 1992, the company was incorporated into the Samsung Group and was rebranded to Samsung Securities.[1] [3]
In 1996, the company attempted to set up a joint venture with J.P. Morgan & Co. to sell mutual funds in Korea but by 1997, the venture failed.[4] In 1998, the company was the first to sell mutual funds in Korea.[1]
In 2000, the company merged with Samsung Investment Trust .[1]
In 2014, the company's ownership of Samsung Asset Management was transferred to Samsung Life Insurance .[5]
In 2018, the company set up a team specializing in analysing investments related to North Korea, the first in the industry to do so according to a statement issued.[6] [7]
The company has signed partnerships with various companies. These include Rothschild &Co (2008),[1] [8] Neuberger Berman (2014),[9] KGI Securities (2016)[1] [10] and Societe Generale (2018).[11]
The company has opened offices overseas. These include London (1996), New York (1998) and Hong Kong (2001).[1] [12]
2018 Samsung fat-finger error [ edit ]
On 8 April 2018, an employee of Samsung Securities mistakenly distributed shares worth US$100 billion to employees.[13] [14] The error happened when the company tried to pay a dividend to about 2,000 employees who participated in the company stock ownership plan.[13] [14] The intent was to give each of those employees 1,000 South Korean won , worth about US$1, but instead issued 2.8 billion shares.[13] [14] These shares were worth about 112.6 trillion won, or 30 times the market capitalization of the company.[13] [14]
The error caused the price of the company's stock to drop by 11 percent within a day and to fluctuate after that.[13] [14] By 7 May 2018, the company stated that it would file criminal lawsuits against employees who sold their shares during the fat finger incident.[13]
References [ edit ]
^ a b "Moody's assigns first-time Baa2/P-2 ratings to Samsung Securities, Korea" . Moodys.com . 11 April 2011. Retrieved 14 January 2023 .
^ Tam, Pui Wing (18 August 1997). "Mutual Fund Ventures Find Difficulties in South Korea" . WSJ . Retrieved 14 January 2023 .
^ "Samsung Life seeks to wholly own Samsung Asset Management - Pulse by Maeil Business News Korea" . pulsenews.co.kr (in Korean). Retrieved 14 January 2023 .
^ "Samsung Wants to Guide You on Picking Stocks Tied to North Korea" . Bloomberg.com . 8 June 2018. Retrieved 14 January 2023 .
^ Ji-hyoung, Son (26 July 2018). "Samsung Securities steps up efforts for NK investment opportunities" . The Korea Herald . Retrieved 14 January 2023 .
^ "Samsung Securities to Enter into Global M&A Market - Pulse by Maeil Business News Korea" . pulsenews.co.kr (in Korean). Retrieved 14 January 2023 .
^ "Neuberger Berman, Samsung units team up to offer strategies in South Korea" . Pensions & Investments . 5 November 2014. Retrieved 14 January 2023 .
^ "Samsung Securities to start trading Taiwanese stocks" . www.theinvestor.co.kr . Retrieved 14 January 2023 .
^ "Samsung Securities partners with Societe Generale to introduce European equities" . 매경ECONOMY . 17 July 2018. Retrieved 14 January 2023 .
^ "Samsung Securities Said to Close Most of Hong Kong Unit" . Bloomberg.com . 31 January 2012. Retrieved 14 January 2023 .
^ a b c d e f Jeong, Eun-Young (7 May 2018). "Samsung Securities Seeks Charges Against Some Employees Over 'Fat Finger' Mistake" . The Wall Street Journal . Retrieved 14 January 2023 .
^ a b c d e Ji-hyoung, Son (8 April 2018). "Samsung Securities fiasco exposes stock trading loophole" . The Korea Herald . Retrieved 14 January 2023 .
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R e t r i e v e d f r o m " https://en.wikipedia.org/w/index.php?title=Samsung_Securities&oldid=1224296454 "
C a t e g o r i e s :
● S a m s u n g s u b s i d i a r i e s
● C o m p a n i e s b a s e d i n S e o u l
● F i n a n c i a l s e r v i c e s c o m p a n i e s e s t a b l i s h e d i n 1 9 8 2
● C o m p a n i e s l i s t e d o n t h e K o r e a E x c h a n g e
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● S o u t h K o r e a n b r a n d s
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● A r t i c l e s w i t h s h o r t d e s c r i p t i o n
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● U s e d m y d a t e s f r o m D e c e m b e r 2 0 2 3
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a d d i t i o n a l t e r m s m a y a p p l y . B y u s i n g t h i s s i t e , y o u a g r e e t o t h e T e r m s o f U s e a n d P r i v a c y P o l i c y . W i k i p e d i a ® i s a r e g i s t e r e d t r a d e m a r k o f t h e W i k i m e d i a F o u n d a t i o n , I n c . , a n o n - p r o f i t o r g a n i z a t i o n .
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