South Korean company
Samsung Securities Co., Ltd.
(
Korean
:
三星證券
) 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
[
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]
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
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]
External links
[
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]
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