S.Korea’s LS Group wins regulatory nod for securities biz
Han-Gyeol Seon
Jan 18, 2024 (Gmt+09:00)
South Korea’s electrics components-to-energy conglomerate LS Group is set to start the securities business as it secured regulatory approval to become the largest shareholder in a domestic brokerage house.
The Financial Services Commission (FSC) said on Thursday the regulator approved the change of the top shareholder of eBest Investment & Securities Co. to LS Networks Corp., the group’s retail unit, from G&A Private Equity Fund (PEF).
LS Network is the largest limited partner of G&A PEF, the current top shareholder of eBest, with a 98.8% stake.
The approval allows LS Network to take over the entire 61.71 % stake of eBest held by the PEF.
LS Network is expected to take various measures to improve the brokerage house’s profitability while changing its names, industry sources said.