Financial Services Commission Reviews Major Shareholder Change Approval for KCGI's Acquisition of Hanyang Securities

The Financial Services Commission is conducting a major shareholder review of KCGI, which is pursuing the acquisition of Hanyang Securities.

Yonhap News

According to the financial investment industry and financial authorities on the 22nd, the FSC is currently reviewing the major shareholder change approval application submitted by KCGI.

KCGI was selected as the preferred negotiation partner for the acquisition of Hanyang Securities last year, and after an exclusive negotiation period, signed a stock purchase agreement (SPA) with Hanyang Academy. KCGI acquired approximately 29% of Hanyang Securities' shares. The final acquisition price is around 200 billion KRW.

KCGI previously passed the financial authorities' major shareholder eligibility review when acquiring Meritz Asset Management in 2023. Accordingly, unless there are significant changes, it is expected to be deemed eligible without difficulty.

The financial authorities' major shareholder eligibility review is generally completed within 60 days from the application date. However, if the application is incomplete, the authorities may request additional documents, which can extend the review period.

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