Investment banker Shin named Taurus chief

By Park Hyong-ki

Shin Jong-ho

Shin Jong-ho, a former head of investment banking at Meritz Securities, has been named the new chief executive of Taurus Investment & Securities, according to the brokerage.

His appointment late last month follows DS Networks' acquisition last October of the small securities company from Taurus founder Sohn Bok-jo. DS Networks is a real estate developer established in 1969.

Sohn launched the brokerage in the financial district of Yeouido a decade ago, but soon faced difficulties as the global financial crisis erupted in 2008.

Taurus was formed under the slogan of “A Different Tomorrow,” as the country was preparing to ease rules separating the businesses of stock brokerage, futures and asset management.

Sohn Bok-jo

It benchmarked Japan's Nomura Securities and focused on stock and bond trading, as well as expanding its research capability. Taurus aimed at setting up branches only in strategically attractive locations such as Seoul's Gangnam area and Busan.

Shin was previously an adviser to Meritz Securities after heading the company's investment banking operations as its managing director from 2010 to 2017.

After he graduated with a master's in business from Konkuk University, he started his career at the state-run Korea Development Bank in 1981.

Taurus said the 56-year-old Shin will officially begin his term in March 2019.

The Financial Services Commission (FSC) is currently reviewing the DS acquisition of Taurus before approving the deal. The FSC review usually takes about two to three months.

DS Networks launched DS Networks Asset Management last July, and it is expected to boost Taurus' investment banking as it appointed Shin.

Taurus founder Sohn told local press that he sold his company as he had faced limitations in expanding the company amid market saturation.

The 67-year-old Sohn started his career at Daewoo Securities, now Mirae Asset Daewoo, in 1984.