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]
 | |
Native name | 삼성증권 (三星證券) |
|---|---|
| Formerly | Hanil Investment & Finance Kookje Securities |
| Company type | Public |
| KRX: 016360 | |
| Industry | Financial services |
| Founded | October 19, 1982 |
| Headquarters | Seoul, South Korea |
Key people | Seok Hoon Chang (CEO) |
| Products | Investment banking Sales and trading Wealth management |
| Revenue |  KRW 2.40 trillion (2021) |
| KRW 965.34 billion (2021) | |
| Total assets | KRW 65.71 trillion (2021) |
| Total equity | KRW 6.08 trillion (2021) |
| Owners | Samsung Life Insurance (29.60%) National Pension Service (11.30%) |
Number of employees | 2,397 (2021) |
| Parent | Samsung |
| Website | www |
| Footnotes / references [1] | |
History
editOn 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
editOn 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 c d e f g h i j "Annual Report 2021" (PDF). 14 January 2023. Archived from the original (PDF) on 14 January 2023.
- ^ "Samsung Securities | Company Overview & News". Forbes. Retrieved 15 March 2023.
- ^ 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.
External links
edit- Official website
- Business data for Samsung Securities: