Mirae Asset's 'Global IB' at Stake... Vice President Kang Seong-beom Joins Board of Directors

Strategic Moves to Become a Global Top-Tier IB

[Asia Economy Reporter Ji Yeon-jin] Kang Seong-beom, Executive Vice President of IB2 Division at Mirae Asset Securities, is joining the board of directors. This is a strategic move for Mirae Asset Securities to leap forward as a "global top-tier investment bank (IB)."

According to the Financial Supervisory Service's electronic disclosure system on the 11th, Mirae Asset Securities will put to a vote the agenda to appoint Kang Seong-beom, Head of IB2 Division, as an inside director at the regular shareholders' meeting scheduled for the 24th of this month, replacing former CEO Kim Jae-sik who moved to Mirae Asset Life Insurance.

Along with this, Chairman Choi Hyun-man and President Lee Man-yeol, Head of Management Innovation, were recommended as inside director candidates again, as in the previous year. For outside directors, Professor Emma Lee of Kyung Hee University's Department of International Studies was listed again, while Professor Sung Tae-yoon of Yonsei University's Department of Economics and Associate Professor Seok Jun-hee of Korea University's Department of Electrical and Electronic Engineering were newly recommended.

At the end of last year, Mirae Asset Securities reorganized its structure by dividing the investment banking (IB) business into two parts and appointing separate heads. IB1 Division, led by Vice Chairman Cho Woong-ki, is responsible for global and project financing (PF) and alternative investment finance sectors, while IB2 Division, headed by Executive Vice President Kang Seong-beom, handles traditional IB areas such as initial public offerings (IPO) and corporate finance.

Vice President Kang joined Mirae Asset Securities in 2010 as head of the Planning Office and is regarded as a corporate finance expert, having served as head of the Corporate Finance Division, head of Management Innovation, and head of the IB Division. Following his appointment as head of IB2 Division at the end of last year, he is now entering the board of directors. At last year's shareholders' meeting, Mirae Asset Securities appointed former CEO Kim Jae-sik (currently Head of Management at Mirae Asset Life Insurance) as an inside director instead of former IB head Kim Sang-tae, resulting in the absence of an IB leader on the board.

Kang's entry into the board reflects Mirae Asset Securities' commitment to the IB business. Securities firms have posted record-breaking performances over the past two years due to the brokerage boom triggered by the retail investor movement during the COVID-19 pandemic. However, with global tightening expected this year, trading volumes are anticipated to decline significantly, prompting firms to strengthen their IB divisions substantially. Chairman Choi Hyun-man stated in this year's New Year's address, "We will advance beyond being the largest domestic mega investment bank (IB) to become a global top-tier IB."

This content was produced with the assistance of AI translation services.