Korea's No. 2 brokerage house KDB Daewoo Securities Co. said Wednesday it plans to go ahead with overseas expansion despite weak global financial market conditions.
"With about 60 securities competing fiercely, the domestic market is losing its profitability everyday," said Kim Ki-bum, the brokerage firm's chief executive officer.
"In such conditions, the company's overseas push is vital. Now is an opportunity to set sights on the overseas market, where foreign brokerages are tumbling from the global crisis," he added. Kim was appointed as the firm's CEO on June 29.
The company said it will seek to garner around 10 percent of its revenue from abroad by 2015, which currently stands at only 4 percent.
It plans to establish joint venture brokerages in China and Mongolia, with companies there to seek efficient market penetration. The recovering real estate market in the United States is also a favorable investment opportunity, the brokerage said.
"The overseas push will be fueled by the business know-how of other affiliates of KDB Financial Group Inc.," the new CEO said, while mentioning that there still exist barriers in synergizing with sister companies after its acquisition.
Launched in October 2009, KDB Financial is a financial holding company whose flagships are the Korea Development Bank (KDB), Korea Finance Corp. and Daewoo Securities. (Yonhap)